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Digital Rupee (e₹) – FAQs

Ans: e₹ wallet is a digital wallet that can be opened on one’s mobile phone/device. e₹ wallet stores the Digital Rupee, similar to the physical wallet/purse that stores the physical currency. e₹ wallets are being currently provided by banks and non-banks, which are part of the retail CBDC pilot.

Ans: Whenever there is a reset of interest rates for an entire class of borrowers in a particular loan category, say home loan, due to increase in the reference benchmark; the RE shall provide the following options to the borrowers:

  1. Either enhancement in EMI or elongation of number of EMIs, keeping the EMI unchanged or a combination of both options;

  2. Switch to fixed interest rate for the remaining portion of the loan; and

  3. To prepay, either in part or in full, at any point during the residual tenor of the loan.

Ans. No. In terms of paragraph 9.1.6 of these Directions, children (including minor) are not eligible for additional interest admissible to deceased member of the bank’s staff.

Ans.: The respondent companies/LLPs/proprietorship firms can submit their responses on or before July 15 of every year.

RB-IOS, 2021 covers all commercial banks, Non-Banking Financial Companies (NBFCs), Payment System Participants, most Primary (Urban) Cooperative Banks, and Credit Information Companies. The REs covered under the RB-IOS, 2021 are listed under Question 11.

Ans: The requirement of ensuring compliance to the Principles of Natural Justice is applicable to all Persons / Entities and its Promoters / Whole-time and Executive Directors classified as fraud by the REs. In other words, this requirement is applicable in all cases of fraud classification which may have civil consequences (i.e. penal measures, caution listing) as observed in the Judgement of the Hon’ble Supreme Court dated March 27, 2023 (Civil Appeal No. 7300 of 2022 in the matter of State Bank of India & Ors. Vs. Rajesh Agarwal & Ors.).

Ans. For a customer, using a WLA is just like using an ATM of any bank.

The material terms and conditions may be defined, if not already done, as per the credit policy of the bank and they may vary from one category of loan to another, and also, from lender to lender based on their own assessment.

Ans. A “Walk-in Customer” means a person who does not have an account-based relationship with the RE, but undertakes transactions with the RE.

Response: The scheme envisages the following types of deposits –

Sr. No.

Type of Deposit

Duration

Minimum Lock-in Period

Applicable Interest Rate

Periodicity of Interest Payment

i.

Short Term Bank Deposit (STBD)

1-3 years

As determined by banks

As determined by banks

As determined by banks

ii.

Medium Term Government Deposit (MTGD)

5-7 years

3 years

2.25% p.a.

Simple Interest annually or cumulative interest at time of maturity compounded annually.

iii.

Long Term Government Deposit (LTGD)

12-15 years

5 years

2.50% p.a.

Simple Interest annually or cumulative interest at time of maturity compounded annually.

 

It may be noted that consequent to Government of India’s press release ID 2115009 dated March 25, 2025, mobilization of MTGD and LTGD, including renewal of existing deposits, has been discontinued with effect from March 26, 2025.

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Page Last Updated on: December 11, 2022

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