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Banks will inform you when you are selected for the Closed User Group (CUG) via SMS and email to participate in the digital rupee pilot programme. After the registration is done, you have to load money into the e?-R wallet. The e?-R wallet is similar to a physical wallet but is in digital form on your phone.

Digital money can also represent fiat currencies, such as dollars or euros. Digital money is exchanged using technologies such as smartphones, credit cards, and online cryptocurrency exchanges. In some cases, it can be converted into physical cash through the use of an ATM.

The RBI picked nine banks -- State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, YES Bank, IDFC First Bank, and HSBC -- for its pilot project for wholesale CBDC, PTI reported.

Virtual currencies are digital representations of value that can exist only in electronic form. Their transactions occur on online networks or the Internet. Examples of virtual currencies include s and cryptocurrencies. Virtual currencies are a novel form of currency and, as such, are mostly unregulated.

Two broad categories of CBDC can be distinguished: general-purpose or retail (CBDC-R) and wholesale (CBDC-W).

Banks will inform you when you are selected for the Closed User Group (CUG) via SMS and email to participate in the digital rupee pilot programme. After the registration is done, you have to load money into the e?-R wallet. The e?-R wallet is similar to a physical wallet but is in digital form on your phone.

Enter recipient details: Scan the recipient's QR code or manually type in their phone number. Specify the amount: Enter the desired amount or use the 'swipe up' function to set it. Send and authenticate: Click on 'Send Digital rupee' and enter your wallet PIN to authenticate the transfer.

Issuing e? The RBI will issue electronic s that can be exchanged one-to-one. e? will have the same denominations that are currently circulating in the country. The RBI will distribute the required number of s to intermediaries called Service Providers (TSPs).