RBI to launch country's first digital rupee pilot project on December 1; what customers need to know

On December 1, 2022, the Reserve Bank of India (RBI) will launch a retail digital currency pilot project. For the retail digital rupee pilot project, a total of eight banks have been chosen. Four banks and four cities will be a part of the pilot project's initial phase; both will grow in phase 2.
The Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank will participate in the first phase. Along with Kotak Mahindra Bank, Union Bank of India, HDFC Bank, and Bank of Baroda, the pilot project's second phase will be a part of this organization.

Mumbai, New Delhi, Bengaluru, and Bhubaneswar will all be included in the phase I retail pilot project for the digital rupee. Later phase will incorporate Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla, among other cities. More banks and cities will be added as the initiative develops.

On retail digital rupee, customers won't receive any interest. There will be coins and currency notes in the denomination of the digital rupee. As a token, it will be issued.