Digital currency
Reliance General Insurance to accept Central Bank Digital Currency through YES Bank
Mumbai: Reliance General Insurance has tied up with YES Bank to facilitate the collection of premiums in the digital mode using the bank’s e₹ platform, the company said in a statement.
Customers who have an active e₹ wallet with any bank can scan Reliance General Insurance’s e₹ QR code to make immediate payment.
e₹ is a digital token that is equivalent to a banknote i.e., legal tender, and is a sovereign currency backed by the RBI. Being digital, e₹ removes all the issues of handling physical cash and offers the same anonymity as a banknote.
Moreover, since all e₹ transactions are done through an RBI-regulated entity, it reduces banknote-related risks such as anti-money laundering, counterfeit currency etc.
"Reliance General Insurance is enabling its customers to hedge such risks by providing e₹ as a form of digital currency transaction option thereby promoting safe financial transactions," said a company press release.
Currently, Reliance General Insurance’s physical e₹ QR code is available at their select branches for walk-in customers to scan and pay instantly.
The company plans to make it available at all branches across the country, on its website and on the Reliance Self-i app in the next few months.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
