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e₹ is a digital form of physical currency. Its usage is not only limited to payments but also serves the purpose of parallel currency and importantly, ‘store of value' as it represents a currency issued by the Reserve Bank of India. UPI or other modes of fund transfers like NEFT / RTGS / IMPS are forms of payment.
e₹ is not a cryptocurrency. It is a legal tender similar to physical currency available in digital form issued and regulated by the Reserve Bank of India. It holds unique advantages of central bank money viz. trust, safety and settlement finality.
The user will have to download the Digital Rupee wallet application for accessing digital rupee. The e₹ wallet will enable users to conduct transactions in form of digital rupee tokens issued by RBI.
The Digital Rupee wallet application's primary features are listed below:
Step 1 – Log in to Digital Rupee app, click the “Load” option
Step 2 – Enter e₹ amount or select the digital rupee denominations to be loaded
Step 3 – View the Digital Rupee selected and click on the “Load Digital Rupee” option
Step 4 - You can load digital rupee via “Linked Bank account”.
Step 5 - Select the “Linked Bank account” and click on “Load Digital Rupee”.
Step 6 -The linked bank account will be debited and digital rupee will be credited in the e₹ wallet.
Step 1 – Log in to Digital Rupee app, click the “Redeem” option
Step 2 – Select the digital rupee tokens to be redeemed
Step 3 – View the digital rupee selected and Click on “Redeem Digital Rupee”
Step 4 – Select the linked bank account and click on “Redeem Digital Rupee” to authorise the transaction by entering a wallet PIN.
Step 5 – The digital rupee will be debited from wallet account and the linked bank account will be credited with the redeemed amount.
Step 1 - Log in to Digital Rupee app, click the “Send” option
Step 2 – You can choose to pay/transfer digital rupee via Phone number or by scanning the e₹ QR code
Step 3 – You will need to verify the beneficiary name and enter the e₹ amount or select the digital rupee denominations available in your wallet account
Step 4 – Click on the “Send Digital Rupee” option and authorise transaction through wallet PIN
Step 5 – The digital rupee will be debited from wallet account and the beneficiary wallet account will be credited.
You can view your transaction history by clicking the ‘Transaction History’ option in the Digital Rupee app. The list of the transactions will be displayed, you can choose the transaction for which you need to see the complete transaction details and its status.
You can raise a dispute from your Digital Rupee app. First, you need to check the status of the transaction from the ‘Transaction History’ section of the app, once you click on the transaction the transaction information page will be displayed where the ‘Raise Dispute’ option is provided for raising a dispute.
You can reset your six-digit wallet pin from the PIN setting options available in the Profile section > Click on PIN settings > Click on Forgot PIN > Enter the last six digits of active Kotak Bank Debit Card details associated with your wallet linked bank account and the card expiry date > Click on Next for authentication > Set new PIN.
There are no charges/fees a user has to pay for using Digital Rupee wallet or transacting in Digital Rupee.
Can I transfer the Digital Rupee directly to another person's bank account?
Yes, you can now transfer funds from your digital rupee wallet to any individual bank account by scanning the UPI QR code.
You can deregister your Digital Rupee wallet from the Profile section > Click on De-register wallet > Check your current wallet balance and click continue > Read the on-screen message > Click on De-Register >Enter Wallet PIN > Wallet is de-registered.
Kotak Mahindra Bank has introduced a UPI interoperability feature on its Digital Rupee (e₹) application as part of the RBI's CBDC pilot project. This feature now enables the customer to make payments on the existing UPI QR codes available at merchants and also empowers merchants to accept payment via UPI from Digital Rupee users without any separate on-boarding process required for CBDC.
Refer below transaction limits for the CBDC (Central Bank Digital Currency) – Kotak DIGITAL RUPEE (e₹)
| Type | Existing limits |
|---|---|
Maximum per transaction limit for load/transfer/redeem |
Rs 10,000 |
Maximum Per day Load / Inward Credit limit |
Rs 10,000 |
Maximum per day limit for transfer |
Rs 50,000 |
Maximum per day limit for redeem |
Rs 1,00,000 |
Transaction limit in cooling period (first 24 hours) |
Rs 5,000 |
Maximum Wallet Holding Limit - Amount |
Rs 1,00,000 |
Transaction (Txn) Type |
Control type |
Existing limits* |
|---|---|---|
Load/ Inward Credit/ Collect Request |
Credit - Per Txn Amount Limit |
Rs 25,000# |
Credit - Per Txn Token Count Limit |
250 |
|
Credit - Per Day Amount Limit |
Rs 1,00,000** |
|
Redeem |
Debit - Per Txn Amount Limit |
Rs 25,000 |
Debit - Per Txn Token Count Limit |
250 |
|
Debit - Per Day Amount Limit |
NA |
|
CBDC / UPI Transfer |
Debit - Per Txn Amount Limit |
Rs 25,000 |
Debit - Per Txn Token Count Limit |
250 |
|
Overall |
Max Wallet Holding Limit - Amount |
Rs 1,00,000 |
Max Wallet Holding Limit – Token Count |
250 |
Note- If customer has exhausted the mentioned CBDC limits then he can transfer/redeem post 24 hours.
