00:00 The biggest bank of the country, SBI, has started a new phase for its users.
00:05 With this phase, crores of people will be able to directly trade digital currency through UPI.
00:10 With this new initiative of State Bank of India,
00:13 it is expected that the use of digital currency will be increased.
00:16 What is this facility and how will you be able to use it?
00:19 Let's explain to you in this video.
00:21 With the start of the facility of SBI,
00:23 you can now scan any merchant UPI QR code and make a transaction.
00:28 SBI has announced that it will use UPI on its CBDC mobile app.
00:34 This state of the art facility can be accessed through the eRupee by SBI app.
00:40 This can be scanned by SBI CBDC users and made a transaction.
00:47 Reserve Bank of India has started digital currency,
00:50 which is also known as CBDC, a digital currency of the Central Bank.
00:56 SBI is also included in the bank that came from the start of the project of Reserve Bank's eRupee,
01:01 i.e. the digital currency.
01:04 Reserve Bank of India also launches digital currency or eR as legal money.
01:09 It is similar to currency of notes.
01:12 In digital mode, eRupee provides features like physical cash,
01:15 such as trust and security.
01:19 Just as you keep cash notes with you,
01:23 you can also keep digital currency with you.
01:26 HDFC Bank is the first bank in the country to provide interoperable QR codes to its customers and merchants.
01:34 After this, Canara Bank, Axis Bank and Yes Bank provided this facility.
01:38 Now SBI has brought this facility.
01:41 CBDC is based on the same blockchain technology on which cryptocurrencies work.
01:46 CBDC is completely different from cryptocurrencies
01:49 because it has got the same sovereign guarantee as paper currency.
01:55 Now let's tell you how it works.
01:57 QR code interoperability will open the way for smooth transactions between customers and merchants.
02:03 While accepting payment from UPI or digital wallet,
02:07 shopkeepers will have to display only a QR code.
02:10 This will make it easier to use digital rupee in daily transactions.
02:15 How will it benefit users?
02:17 SBI has stated in a statement that
02:19 it has made UPI interoperable with digital rupee from its inception.
02:25 Customers can benefit from this service through the eRupee by SBI app.
02:30 With the help of this app, users can scan UPI QR code anywhere in the shop
02:37 and pay directly with digital currency.
02:40 Now there will be some more questions that you must be thinking.
02:43 Like, will it replace debit and credit card?
02:46 No, according to the concept note of RBI,
02:49 the aim of digital currency is not to develop the alternative of physical currency,
02:55 nor to replace it.
02:57 This will give people more options to keep their money.
03:01 Second is that, does eRupee charge for using?
03:05 No, eRupee or eRupee wallets do not charge for using.
03:10 Is there a minimum balance required to open and maintain an eRupee wallet?
03:16 No, there is no minimum balance required to open and maintain an eRupee wallet.
03:22 SBI says that this step will give users ease and ease of availability.
03:28 The bank said that integrating CBDC with UPI will increase the use of digital currency among people.
03:35 In this way, people will be able to use digital currency more in their daily transactions.
03:40 The bank also believes that this step will be a game changer for the digital currency ecosystem.
03:46 When did CBDC start in India?
03:49 Finance Minister Nirmala Sitaraman announced CBDC in the Union Budget 2022-2023.
03:56 After that, Reserve Bank of India started the test of Central Bank Digital Currency from 1 December 2022.
04:03 Now, along with the banks of the private sector, almost all major banks have joined CBDC.
04:09 The reason for the joining of SBI is that the number of customers, the number of branches,
04:14 and the number of branches has reached far and wide and has come from all other banks.
04:19 Because it is the largest bank in India.
04:22 The start of this facility of SBI means that this eRupee facility will now reach villages at a very large level.
04:31 So that's all in this video.
04:32 How did you like the information?
04:34 Comment and tell.
04:35 If you are watching this video on Facebook, then like the Facebook page.
04:38 If you are watching on YouTube, then don't forget to subscribe to GoodRotunds' YouTube channel.
Comments