Reliance General Insurance starts accepting premiums in RBI’s e-Rupee

Reliance General Insurance starts accepting premiums in RBI’s e-Rupee

Reliance General Insurance has made history as India’s first general insurance company to accept the Reserve Bank of India’s Central Bank Digital Currency, e-Rupee, as payment for premiums. The firm has partnered with Yes Bank to facilitate premium collections using the bank’s e-Rupee platform.

With an active e-wallet from any bank, customers can scan Reliance General Insurance’s e-Rupee QR code to make instant payments. The goal of this new payment method is to provide clients with a simple, safe, immediate, and eco-friendly payment option.

Reliance General Insurance’s acceptance of e-Rupee for premium payments allows its customers to mitigate risks and encourage secure financial transactions. The RBI’s digital token, e-Rupee, is equal to a banknote and eliminates the handling of physical cash while providing the same anonymity as banknotes. Furthermore, since all e-Rupee transactions are processed by an RBI-regulated entity, it minimizes currency-related risks such as money laundering and counterfeiting.

The retail digital rupee project began as a closed user group with the involvement of four prominent banks, including State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank. The pilot for the retail digital rupee was launched in December 2022 in Mumbai, New Delhi, Bengaluru, and Bhubaneswar and will be expanded to other cities in the future. The pilot’s scope may be increased progressively as required to include more banks, users, and locations.