Reliance General Insurance to accept Central Bank Digital Currency e-Rupee (e₹) through YES BANK; Becomes a pioneer in the GI space to use e₹ as a mode of premium collection
Mumbai, 26th April 2023: Reliance General Insurance becomes a forerunner General Insurance company in the country to accept the Reserve Bank of India’s (RBI) Central Bank Digital Currency e-Rupee (e₹) for premium payments. The Company has tied up with YES BANK to facilitate collection of premiums in the digital mode using the Bank’s e₹ platform. Customers who have an active e₹ wallet with any bank can scan Reliance General Insurance’s e₹ QR code to make immediate payment. With this pioneering launch, the Company is presenting its customers with an easy, safe, instant, and green payment solution, and taking its promise of providing excellent customer experience to the next level.
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 of 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.
Elated about the launch, Mr. Rakesh Jain, CEO, Reliance General Insurance, said, “This is an excellent achievement for us, and we are delighted to associate with YES BANK and introducing and promoting e₹ payment mode in the GI industry. Being a customer-first General Insurance company, we have always drawn inspirations from the customers and developed innovative solutions and services keeping their need, safety and convenience at the centre of our business. With this launch, we wanted to provide our customers with greater ease, higher safety and more green payment option. Furthermore, this launch is also in line with our commitment towards fulfilling the Government of India’s vision of Digital India.”
Speaking on the occasion, Mr. Arun Agrawal, Country Head – Institutional & Government Banking, YES BANK, said, “YES BANK is pleased to partner with Reliance General Insurance in promoting Central Bank Digital Currency (CBDC), an industry first in the Insurance sector. With higher familiarization and wider adoption, we expect CBDC transactions to complement existing digital payment systems considering features such as authenticity, interoperability and settlement finality.”
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.