New Delhi: Reliance General Insurance, in partnership with Yes Bank, has announced that it will accept the Reserve Bank of India’s Central Bank Digital Currency e-Rupee for premium payments. This makes the company the first general insurance provider in India to offer this payment option.
This new payment method is designed to be easy, safe, instant, and eco-friendly. Customers can use any bank’s active e-wallet to scan Reliance General Insurance’s e-Rupee QR code and make immediate payments. By accepting e-Rupee for premium payments, Reliance General Insurance is enabling its customers to reduce risks and promote safe financial transactions.
The retail digital rupee project, which includes e-Rupee, was launched in December 2022 in a closed user group with four leading lenders, including the State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank. The project was piloted in Mumbai, New Delhi, Bengaluru, and Bhubaneswar and will expand to other cities in the future. The pilot will be gradually expanded to include more banks, users, and locations as needed.
E-Rupee is a digital token that is equivalent to a banknote and is backed by the RBI. It eliminates all issues related to handling physical cash and offers the same anonymity as a banknote. All e-Rupee transactions are conducted through an RBI-regulated entity, reducing banknote-related risks such as anti-money laundering and currency counterfeiting.
By accepting e-Rupee for premium payments, Reliance General Insurance is promoting a cashless economy and digital transactions in India. The move is expected to benefit both customers and the insurance company by providing a secure and convenient payment method. As more companies begin accepting the e-Rupee and other digital payment methods, the Indian economy is expected to become more robust, efficient, and transparent.
