Reliance General Insurance said on Wednesday that it has become a forerunner of the general insurance company in the country to accept the Reserve Bank of India’s (RBI) Central Bank Digital Currency e-Rupee for premium payments.
The company is partnering with Yes Bank to facilitate premium collection in digital mode using the bank’s e-Rupee platform, a statement said.
Customers who have an active e-wallet with any bank can scan Reliance General Insurance’s e-Rupee QR code to pay instantly.
With this groundbreaking launch, the company offers its customers an easy, secure, instant and green payment solution and takes its promise to provide an excellent customer experience to the next level.
e-Rupee is a digital token equivalent to a banknote, or legal tender, and is a sovereign currency backed by the RBI, it noted.
Because e-Rupee is digital, it removes all the hassles of handling physical money and offers the same anonymity as a banknote, it said.
Moreover, it said, as all e-Rupee transactions are made through an RBI regulated entity, it reduces banknote-related risks such as anti-money laundering, counterfeiting, etc.
Reliance General Insurance enables its customers to hedge such risks by offering e-Rupee as a form of digital currency transaction option, promoting secure financial transactions, it said.
The retail digital rupee pilot was launched on December 1, 2022 in Mumbai, New Delhi, Bengaluru and Bhubaneswar. The retail digital rupee project was initiated in a closed user group with the participation of four leading lenders including State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank. Later it will be extended to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla. The scope of the pilot can be gradually expanded to include more banks, users and locations as needed.