The Reserve Bank of India (RBI) has announced that its central bank digital currency (CBDC), the digital rupee, will have enhanced usability thanks to Yes Bank’s integration of the Unified Payments Interface (UPI) with the RBI digital rupee app. This marks the first integration of the UPI with the CBDC, and Yes Bank account holders will now be able to make transactions with the digital rupee by scanning UPI QR codes. The UPI is a national payment portal operated by the National Payments Corporation of India (NPCI), a division of the RBI, and is used by 150 million merchants in India.The digital rupee is already accepted at some of the stores in the country’s large Reliance Retail chain through a program using QR codes that began in February in conjunction with ICICI Bank, Kotak Mahindra Bank and Innoviti Technologies. The retail digital rupee pilot project, which launched in December, enlisted 5,000 participating merchants and 50,000 CBDC users and had carried out 800,000 transactions worth $134 million by February. A separate wholesale digital rupee pilot was launched in November.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Asia
Countries	🇮🇳 🇹🇭
Sentiment	positive
Relevance Score	8
People	Innoviti Technologies., ICICI Bank, Yes Bank, Kotak Mahindra Bank, Ajay Rajan
Companies	National Payments Corporation of India, ICICI Bank, Yes Bank, Kotak Mahindra Bank, Reserve Bank of India
Currencies	Rupee, Ethereum, Pawtocol, Bitcoin
Securities	None