Shillong: Reliance General Insurance (GI) has become a forerunner general insurance company 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 the 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 a solution that is easy, safe, instant and involves green payment.

The digital currency is a digital token that is equivalent to a banknote i.e., legal tender, and is a sovereign currency backed by 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 and counterfeit currency. 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.

“With this launch, we wanted to provide our customers with greater ease, higher safety and more green payment option. Further, this launch is also in line with our commitment to fulfilling the Government of India’s vision of Digital India,” said Rakesh Jain, CEO of Reliance General Insurance.

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