Reliance General Insurance has partnered with Yes Bank to enable premium collection using RBI’s e-Rupay platform. This partnership will give birth to a new payment revolution in the country.
Anil Ambani (File Photo: Reuters)Image Credit source: Reuters
Ever since the Reserve Bank of India has launched e-Rupee in India, there is a lot of curiosity among people about it. Now Anil Ambani’s Reliance General Insurance and Yes Bank have completely changed the payment method. Reliance General Insurance has become the first company in the country to accept insurance premium in e-form. Anil Ambani’s company has partnered with Yes Bank for this. Let us also tell you what kind of change will be seen in the payment transaction due to this new payment revolution of the country.
How will the new payment method work?
Customers having active e-wallet with any bank can scan Reliance General Insurance’s e-Rupay QR code to make instant payment. According to the company, the purpose of this method of payment is to make easy, secure, instant and green payment solution available to the customers. By accepting e-Rupee for premium payment, Reliance General Insurance is protecting its customers from risky transactions. Also promoting secure financial transactions.
Started with these banks
The retail digital rupee project was launched in a closed users group with a partnership of four leading lenders including State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank. Retail digital rupee was launched on December 1, 2022 in Mumbai, New Delhi, Bengaluru and Bhubaneswar. Later it was expanded to other cities. The scope can be gradually increased to include more banks, users and cities as per the requirement.
Works like legal tender
E-Rupee is a digital token which is equivalent to a banknote i.e. legal tender, and is the sovereign currency of RBI. Being digital, e-form removes all the problems like keeping physical cash. Works everywhere like a bank note. E-Rupee transactions take place through RBI-regulated units. It reduces the risks associated with banknotes such as money laundering.