Reliance General Insurance has partnered with Yes Bank to provide this facility to its customers. To make payment in E-Rupee, the customer must have an active e-wallet.
The trend of E-Rupee is increasing rapidly in the country. Now digital rupee has not only started being used for retail use, but it has also become possible to pay insurance premium through it. Reliance General Insurance has given its customers the facility to pay insurance premium in e-rupee. That is, customers who have an active e-wallet with any bank can scan the company’s QR code and pay in digital rupees. It has become the first company in the country to do so.
Reliance
General Insurance has partnered with Yes Bank to provide this facility to its customers. To make payment in E-Rupee, the customer must have an active e-wallet. This wallet can be of any bank. You can easily pay your insurance premium through QR Code Scan just like paying with UPI.
RBI has partnered with these banks It has
been said on behalf of the insurance company that the facility of premium payment in e-rupee has actually been started with the aim of providing easy, secure, immediate and green payment option to the customers. It is noteworthy that in partnership with State Bank of India (SBI), ICICI Bank (ICICI Bank), Yes Bank (Yes Bank) and IDFC Bank (IDFC Bank), the central bank RBI has conducted a pilot project for retail use of e-rupee. The year was launched on 1 December 22.
The trend of E-Rupee started gaining momentum. It
was first started by RBI for select users in Mumbai, Delhi, Bengaluru and Bhubaneswar for the use of E-Rupee in retail. It was said on behalf of RBI that after getting positive response in these cities, it will be started in more cities. Now that Reliance General Insurance has started accepting payments in E-Rupee, it is clear that the trend of E-Rupee is now gaining momentum in the country.
What is E-Rupee and what is the reason for bringing it?
The e-rupee backed by the Reserve Bank is like a digital token, which is equivalent to a currency note. It works to eliminate the need for physical currency and works in the same way as bank notes work. However, RBI had already made it clear that it would not replace the existing currency, but would provide another means of transaction to the user. This will also reduce the transaction cost.
