Reliance General Insurance has become the first general insurance company to accept RBI’s Central Bank Digital Currency (CBDC) e-Rupee (e₹) for premium payments.
The insurer has tied up with YES Bank to facilitate the collection of premiums in digital mode using the bank’s e-rupee platform.
Customers who have an active e-rupee wallet with any bank can scan Reliance General Insurance’s CBDC QR code to make easy, safe, instant, and green payments.
Customers who have an active e-rupee wallet with any bank can scan Reliance General Insurance’s CBDC QR code to make easy, safe, instant, and green payments.
This move has eliminated the need to handle physical cash, which can be risky during the ongoing COVID-19 pandemic.
Moreover, since all transactions are done through an RBI-regulated entity, it reduces banknote-related risks such as anti-money laundering, the counterfeiting of currency, etc, the company said in a release.
