Bank of Baroda (UK) Ltd announces its intention to wind down and close its UK retail banking activities
Visit our website https://www.bankofbarodauk.com/ for any further information.
Bank announces Financial Results for quarter ended, 30th June 2023.
NOTIFICATION DATED 27.06.2023 FOR SALE / ASSIGNMENT OF FINANCIAL ASSET (NPA) to ARCs (E-AUCTION ON 14.07.2023)
As per revised RBI directives all our Locker-holders are requested to visit Bank of Baroda, Base Branch.
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Secure digital rupee.
Introducing the digital Rupee (e₹) : Central Bank Digital Currency (CBDC)
Meet the Rupee’s new digital avatar. Issued by The Reserve Bank of India, the Central Bank Digital Currency (CBDC) or Digital Rupee (or e₹) is a digital variant of physical currency.
NIL, Applicant must be existing customer of our Bank. Self on boarding from Play Store. (Currently available for Pilot Users)
As a bank that’s constantly at the forefront of introducing customer friendly features such as Monthly Interest Credits on Savings Account, ‘never expiring reward points’ on credit cards, lifetime free credit cards etc., we are happy to be a part of this pilot initiative of RBI in bringing the digital rupee revolution in India.
These terms and conditions ("Terms") apply to and regulate the provision of non-interest bearing legal tender issued by Reserve Bank of India ("RBI") in a digital form ("Digital Rupee") to Users (as defined hereinafter). Bank of Baroda will provide to the User, Digital Rupee in accordance with circulars and/or regulations issued by the Reserve Bank of India ("RBI") and/or National Payments Corporation of India ("NPCI") from time to time (collectively referred to as "Guidelines") subject to the terms and conditions herein specified.
Bank reserves the right to modify, suspend, or discontinue DIGITAL RUPEE Wallet and associated services at any time without notice to you. For example, Bank may make changes to these DIGITAL RUPEE Wallet Terms and Conditions, at any time without notice.
The User agrees and undertakes to use the DIGITAL RUPEE APPLICATION Services only for genuine and legitimate transactions and shall not use the same for any illegal transactions / activities including sale or purchase of banned products and services. Bank shall not be responsible for reviewing or checking into the compliance by the User of these DIGITAL RUPEE APPLICATION Terms and Conditions. Bank reserves the right to suspend or terminate your use of DIGITAL RUPEE APPLICATION if it suspects, at its sole discretion, that the User is using DIGITAL RUPEE APPLICATION for any illegitimate or fraudulent purposes.
You agree not to use DIGITAL RUPEE APPLICATION:
You agree to indemnify, defend, and hold harmless Bank (as defined below) from and against any and all claims, liabilities, damages, losses, costs, expenses, or fees (including reasonable attorneys' fees) that bank may incur as a result of or arising from your (or anyone using your User Account's) breach or violation of these DIGITAL RUPEE APPLICATION Terms and Conditions (including without limitation or representation, warranties and or covenant) or misrepresentation with respect to your information or arising out of your violation of any applicable laws, regulations including but not limited to intellectual property rights, payment of statutory dues and taxes, fraudulent transactions or other rights. Bank reserves the right to assume the exclusive defence and control of any matter otherwise subject to indemnification by you and, in such case, you agree to cooperate with Bank defence of such claim. This clause shall survive the expiry or termination of these DIGITAL RUPEE APPLICATION Terms and Conditions.
User can deregister from the facility using Deregistration option in the mobile App.
The laws of India shall govern these terms and conditions and/or the operations in the Account(s) maintained with Bank of Baroda. Any legal action or proceedings arising out of these Terms shall be brought in the courts or tribunals at Mumbai in India Bank of Baroda may, however, in its absolute discretion commence any legal action or proceedings arising out of these Terms in any other court, tribunal or other appropriate forum, and the User hereby consents to that jurisdiction. The clause headings in these Terms are only for convenience and do not affect the meaning of the relative clause. Bank of Baroda may sub-contract and employ agents to carry out any of its obligations hereunder. Bank of Baroda may transfer or assign its rights and obligations under this contract. Its obligations hereunder. Bank of Baroda may transfer or assign its rights and obligations under this contract to any other entity. Bank of Baroda has the absolute discretion to amend or supplement any of the Terms as stated herein at any time and will endeavour to give prior notice of fifteen days for such changes on the app or wherever feasible. By continuing to use the Digital Rupee Application, the User shall be deemed to have accepted the changed Terms. In addition, Bank of Baroda may also publish notices of general nature, which are applicable to all Users in a newspaper or on its website at www.bankofbaroda.com. Such notices will have the same effect as a notice served individually to each User. Any provision of these Terms, which is prohibited or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of prohibition or unenforceability but shall not invalidate the remaining provisions of these Terms or affect such provision in any other jurisdiction.
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Frequently Asked Questions (FAQs)
The RBI will create tokens, and issue them to financial entities called Token Service Providers (TSPs), which are the banks selected for the Digital Rupee Pilot Program. The TSP will then distribute the tokens to interested parties/customers. The digital Rupee tokens will work in the same way as bank notes/coins, and you can use them in lieu of cash.
You may store digital Rupees in your bank’s digital wallet CBDC-R app. The digital wallet works in the same way as your cash wallet, except these transactions will be entirely paperless.
e₹ is closest in comparison to cash. When you pay cash, the physical note/coin goes from your wallet to someone else’s. Similarly, a user transfers e₹ from their e₹ Wallet to someone else’s.
Unlike e₹, which is a currency, UPI is only a payment system which allows transfer of money from one bank account to another through an intermediary.
A cryptocurrency is a decentralized asset where transactions between parties are settled by a pool of users. In e₹, the central bank takes responsibility for ensuring the transactions are settled.
Besides, e₹ will enjoy the same stability in value as the rupee while cryptocurrencies can be very volatile.
Central Bank Digital Currency (CBDC) also known as “Digital Rupee” or “e₹” is a legal tender, similar to sovereign paper currency, and is issued in digital form by the Reserve Bank of India. e₹ will offer features of physical cash like trust, safety and settlement finality with atomicity (i.e. immediate settlement of transactions) in digital mode. e₹ represents a direct claim on the central bank. It can be used to carry out transactions or store value digitally, similar to the manner in which currency notes can be used in physical form.
e₹ is a form of money, a digital representation of physical currency, whereas UPI or other fund transfer modes are forms of payment. Therefore, usage of e₹ is not limited to payments. e₹ also serves the purpose of ‘unit of account’ and importantly, ‘store of value’ as it represents a claim on the Reserve Bank’s balance sheet. Moreover, e₹ will have additional attributes specific to currency which will be tested in future pilots.
No. e₹ is digital form of currency notes unlike other cryptocurrencies such as bitcoin. e₹ has intrinsic value and is regulated by the RBI. e₹ will always have same value as of physical bank currency notes which is a legal tender issued by the central bank unlike crypto assets such as bitcoin. Cryptos like bitcoin do not exhibit any features of a currency, do not have any intrinsic value, and are neither backed by assets nor issued by a central trusted authority.
No. Reserve Bank of India in its concept note states that e₹ is aimed to complement and create an alternate to physical currency and not replace current forms of money. It is envisaged to provide additional avenue of handling money to users.
No. In the first pilot, payments can be accepted only by merchants and individuals who are included in the closed user group.
Below are the simple steps to follow to install the app and register for CBDC (e₹). Please note that you will only be able to register on the app if you are selected for the first pilot of e₹.
Bank of Baroda has sent details along with link via SMS on your registered mobile number. An email also is sent to registered email ID with details and link. You can search the email with Subject line “Invitation to participate in the first pilot of Central Bank Digital Currency - Retail (Digital Rupee - e₹)”
e₹ has fixed denominations akin to the existing physical currency denominations.
Click here to see the list of merchants who are part of the current pilot program.
As it is the first pilot launched by the Reserve Bank, Bank of Baroda has rolled out invites to few customers only as of now. Invitees would have been received by SMS / Email or WhatsApp from the Bank of Baroda on their registered mobile nos. and email ids.
It is currently available for use only on Android devices.
Yes, e₹ is safe and secure. There is a robust cyber-security framework to ensure that e₹ is kept secure.
e₹ is India’ official digital currency that is being issued by the Reserve Bank of India and it can only be held in a e₹ wallet issued by banks. This wallet can be linked to your existing Bank of Baroda account. The wallet is a digital representation of your physical wallet and e₹ can be withdrawn/ deposited from your existing bank account into this wallet.
Only one e₹ wallet can be held in a particular bank against the registered mobile number.
During this pilot, Bank of Baroda’s savings account is mandatory for customers and current account is mandatory for merchants to use e₹ (Digital rupee) in the pilot.
Non- Bank of Baroda customers cannot use Bank of Baroda e₹ (Digital rupee) app in pilot, as they are not invited by Bank of Baroda for e₹ (Digital rupee) Pilot. However, they may use their own bank Digital rupee wallet to transact with e₹ (Digital rupee), if they are invited for pilot by respective bank.
No. “Digital Rupee” or “e₹” is a legal tender, similar to sovereign paper currency, therefore, this is not applicable.
No, as it is Digital form of currency note, there is no interest paid on digital currency in your e₹ wallet.
No. There are no charges/fees associated with e₹ or e₹ wallets.
No. e₹ cannot be directly used via ATM cards or online banking. e₹ can be used to make payments to merchants and individuals, who are also included in the group, by using your e₹ wallet.
No. e₹ can only be transferred to e₹ (Digital Rupee) wallet. However, you can redeem e₹ from the e₹ wallet to your linked bank account.
You may have to wait till your transaction get either successful or fail.
Yes, you will receive an SMS for every financial transaction involving e₹.
No. The value of e₹ is equivalent a physical currency. There is no interest paid on e₹.
You can recover your wallet by using the same phone number/sim on e₹ (Digital rupee) wallet.
In case you input the wrong PIN more than 3 times as day, then the transaction on e₹ app will be temporarily blocked. Customer need to reset the Wallet PIN or wait for 24 hours to unlock.
You can contact Customer Care at 18002584455.
You can raise disputes via e₹ wallet or you can reach out to our customer care for further enquiries. You can contact Customer Care at 18002584455.
In such cases, money will be refunded back to your account. Sometimes this takes longer than intended. If you do not receive the refund within 48 hours( during pilot phase), please raise a dispute on the e₹ app or contact Customer Care. You can contact Bank of Baroda customer Care at 18002584455
All transactions are instant and are available 24/7.
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