New Delhi : 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.

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