New Delhi, Nov 4 (KNN) With the launch of pilot project of digital currency (e-Rupee), the Reserve Bank of India (RBI) has selected nine banks including SBI, HDFC, ICICI to issue e-rupee.

It will be regulated by the central bank and currently it will be used only for Indian ₹ ERVOF wholesale transactions.

This will also lead to cross border payments and about 60 central banks of the world have shown interest in it.

With this Monitoring of e-rupee will be easy and he government would know where the money is.

Transaction cost will be less and the cost of printing notes will be saved, decreasing dependence on commercial banks.

For this, RBI is bringing mobile app and e-Rupee will be available in the form of a digital token and it can be used as cash.

The same guarantee of RBI is on this as well, which is on the note.  (KNN Bureau)