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.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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