- 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.
Reliance General becomes 1st insurer to accept CBDC in tie-up with YES Bank
