RBI’s CBDC can now be accepted at Reliance General Insurance through Yes Bank

RBI’s CBDC can now be accepted at Reliance General Insurance through Yes Bank

Reliance General Insurance said on Wednesday that it has become a forerunner general insurance company in the country to accept the Reserve Bank of India (RBI) central bank electronic rupee for payment of premiums.

The company has partnered with Yes Bank to facilitate premium collection digitally using the bank’s e-Rupee platform, according to a statement.

Customers who have an active e-wallet with any bank can scan the Reliance General Insurance e-Rupee QR code to make an immediate payment, he said.

With this pioneering launch, the company presents its customers with a simple, secure, instant and green payment solution, and takes its promise to deliver excellent customer experience to the next level.

The e-Rupee is a digital token equivalent to a banknote, i.e. legal tender, and is an RBI-backed sovereign currency, he noted.

Being digital, e-Rupee removes all the hassles of handling physical cash and offers the same anonymity as a banknote, he said.

Additionally, he said, since all electronic rupee transactions are conducted through an RBI-regulated entity, it reduces banknote-related risks like anti-money laundering. money, counterfeit currency, etc.

Reliance General Insurance enables its customers to cover these risks by providing e-Rupee as a form of digital currency transaction option, thereby promoting safe financial transactions, he said.

The Retail Digital Rupee Pilot was launched in Mumbai, New Delhi, Bangalore and Bhubaneswar on December 1, 2022. The Retail Digital Rupee Project started in a closed user group with the participation of four major lenders, including State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank. Later it will be extended to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla. The scope of the pilot can be gradually expanded to include more banks, users and locations as needed.

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