PIB Analysis 07-02-23
YUVA SANGAM Portal
- The “Yuva Sangam” registration portal launched at IGNCA New Delhi today.
- The Yuva Sangam is an initiative to build close ties between the youth of North East Region and rest of India under the spirit of Ek Bharat Shreshtha Bharat.
- Over 20000 youth will travel across India and gain a unique opportunity of cross cultural learning.
- The program will give an opportunity to see, know, understand India and do something for the country.
- This Wide Cultural Exchange Program will also give an opportunity to our youth to celebrate the ancient culture and natural diversity of India.
Central Bank Digital Currency (CBDC): e₹-R
- The Reserve Bank of India (RBI) launched the first pilot of Digital Rupee- Retail segment (e₹-R) on December 01, 2022.
- The e₹-R pilot currently covers the five cities of Mumbai, New Delhi, Bengaluru, Bhubaneswar and Chandigarh.
- The e₹-R is in the form of a digital token that represents legal tender.
- It is being issued in the same denominations that paper currency and coins are currently issued.
- It is being distributed through financial intermediaries, i.e., banks.
- The e₹-R offers features of physical cash like trust, safety and settlement finality.
- As in the case of cash, it will not earn any interest and can be converted to other forms of money, like deposits with banks.
- RBI has identified eight banks for phase-wise participation in the retail pilot project.
- These include the State Bank of India, the ICICI Bank, the Yes Bank and the IDFC First Bank, the Bank of Baroda, the Union Bank of India, the HDFC Bank and the Kotak Mahindra Bank.
- The participating banks have selected individuals/account holders for the trials.
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