Union Bank of India's e₹ offers a wide range of features that enhance the efficiency, security, and accessibility of digital transactions. Here are some key features of Union Bank of India’s e₹:

	Instant Transactions: e₹ allows for real-time, instant payments and transfers, enabling swift and efficient financial transactions.
	Security and Transparency: Built on a secure blockchain network, e₹ ensures tamper-resistant records and transparent transaction histories, enhancing trust and reducing the risk of fraud.
	Accessibility: e₹ promotes financial inclusion by providing banking services to unbanked and underbanked populations, fostering economic empowerment for all.
	UPI Interoperability: Union Bank of India’s Digital Rupee offers seamless payment experience through interoperability with UPI
	Auto Load: This feature in Union Bank of India’s Digital Rupee wallet automatically adds funds when the balance is low, ensuring seamless transactions upto Rs.2000/-
	Lower Transaction Costs: By eliminating intermediaries and streamlining processes, e₹ reduces transaction costs, making it an attractive option for individuals and businesses.
	Privacy Protection: e₹ balances the need for transparency with user privacy, ensuring secure and confidential transactions.
	Reduced Counterfeit Risk: As a digital currency, e₹ minimizes the risk of counterfeit notes, enhancing the overall security of financial transactions.
	Regulatory Compliance: Union Bank of India ensures that e₹ adheres to all relevant regulations, safeguarding the integrity of the financial ecosystem.
	Environmentally Friendly: e₹ have the potential to reduce the environmental impact associated with physical currency production and transportation.
	Innovation and Technological Advancement: Union Bank of India's e₹ represents the bank's commitment to embracing cutting-edge technologies and paving the way for the future of finance.

These features collectively position Union Bank of India's e₹ as a transformative and forward-thinking digital currency that aims to reshape the way we conduct financial transactions in the digital age.

These terms and conditions (“Terms”) form an agreement between the User (as defined hereinafter) and Union Bank of India (as defined hereinafter) which shall apply to and regulate the issuance and usage of centrally backed digital currencies (“Digital Rupee”) to Users. These Terms & conditions are in addition to and not in derogation with such other terms and conditions agreed upon by the User while availing the specified products and services from Union Bank, as may be specified by Union Bank from time to time. These terms and conditions shall be deemed to have been incorporated in the application form submitted by the User which User has read, understood, & agreed that the terms and conditions contained herein, as amended from time to time, are pre-requisite to avail the (name of the facility/ application) and shall apply to the related service offered by the Union Bank. Union Bank of India shall strive to provide to the Users, 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.

A. Definitions

A. In these Terms the following words and phrases have the meanings set opposite them unless the context indicates otherwise:

(i) "Account(s)" refers to the resident Indian savings and /or current bank account(s) and/or Overdraft account held and maintained with Union Bank of India.

(ii) “Digital Rupee Application” or “Digital Wallet Application” refers to the Union Bank of India’s mobile application which will facilitate all Digital Rupee Transactions.

(iii) “Digital Rupee Transaction” refers to loading, redeeming and transfer of Digital Rupee (whether for purchase of goods and services or for fund transfer) through Digital Rupee Application.

(iv) " UNION BANK OF INDIA " means UNION BANK OF INDIA, a body corporate, constituted under Banking Companies (Acquisition and transfer of undertakings) Act 1970 having its head office at 239, Union Bank Bhavan, Vidhan Bhavan Marg, Mumbai - 400021 (hereinafter referred to as ‘Union Bank’ or ‘the Bank’ or ‘UBI’, which expression shall, unless repugnant to the context or meaning thereof shall be deemed to mean include its successor and assigns).

(v) “Merchant/s” shall mean and include online, mobile-app based and offline merchants who provides goods and services in exchange for payment through Digital Rupee.

(vi) “User” shall mean any person holding an account with Union Bank of India who is using the Digital Rupee Application to conduct Digital Rupee Transactions (such as fund transfer, purchase of goods and services) using the digital rupee.

(vii) “Digital Rupee Wallet” or “Digital Wallet” shall mean the wallet set up during registration on Digital Rupee Application which shall hold the Digital Rupee(s) loaded or received via a transfer by User.

(viii) “Wallet Recovery” shall mean getting access to the existing Digital Rupee Wallet, every time user reinstalls the App, clears the cache or changes the device using which registration was done

(ix) “Wallet PIN” shall mean the 6-digit security PIN set by the user during registration process, which will be used to authenticate Digital Rupee Transactions, Wallet Recovery, & Deregistration

(x) “Deregistration” shall mean permanent deletion of Digital Rupee Wallet by the User. Words or expressions used in this form, but not specifically defined herein shall have the respective meanings assigned to them by NPCI in their respective guidelines and circulars.

B. Applicability and Acceptance of Terms

(i) Each User desirous of availing Digital Rupee, shall by way of a one-time registration, in such form, manner and substance as Union Bank of India may prescribe, register for transacting in Digital Rupee and Union Bank of India shall be entitled, at its sole discretion, to accept or reject such application for registration. The User may apply to register by downloading the Union Bank of India Digital Rupee Application and completing the registration process. By applying for and registering for using Digital Rupee, the User accepts these Terms, which shall govern the Digital Rupee Transactions. The Terms shall be in addition to the Guidelines issued from time to time.

(ii) The User hereby acknowledges that the User has read and understood and agrees that the rights and obligations provided therein and in these Terms in so far as it relates to the User, shall be binding on the User with regard to every Digital Rupee Transaction conducted by the User. Notwithstanding anything contained herein, all terms and conditions stipulated by Union Bank of India in connection with the Accounts shall continue to apply.

(iii) The User agrees that the Digital Rupee is offered in line with the RBI's and NPCI's Guidelines/directions which are subject to change from time to time. The User undertakes and confirms to keep itself updated from time to time with respect to any changes/modifications/amendments carried out to the Guidelines and/or the Terms.

C. Usage of the CBDC/Digital Rupee

(i) Digital Rupee is a legal tender, in a digital form, issued by RBI. It is thus, exchangeable with the fiat currency. On the Union Bank of India Digital Rupee Application, User will be able to set up their Digital Rupee Wallet and conduct Digital Rupee Transactions subject to limits and functionalities set up by Union Bank of India, RBI or NPCI from time to time. Union Bank of India will provide the Digital Rupee Application to the Users which will use the infrastructure provided by UNION BANK OF INDIA, which in turn will use the infrastructure provided by NPCI and RBI for facilitating Digital Rupee Transactions.

(ii) User understands that the Digital Rupee Application can only be used if it has an Account with Union Bank of India. Digital Rupee can be sent and received from users who hold Digital Rupee Wallets provided either by Union Bank of India or any other scheduled commercial bank.

D. Know Your Customer (“KYC”) Requirements

Features of the Digital Rupee Application shall differ basis completion of KYC requirements by the User. Users and the features available shall be categorised as shown below:

No KYC / Basic Wallet where only due diligence for the users proposed is device authentication and Pin verification mainly to validate authorised access of Wallet.

Min-KYC Wallets (where linked Bank account and wallet provider bank are different) where device authentications and Pin set-up for the wallet and Aadhar based OTP validation.

Full KYC Wallet Users shall only be Users who have an existing Account with UNION BANK OF INDIA. Users will be able to link their Accounts with the Digital Rupee Wallet and shall be able to load, redeem, send and receive Digital Rupee(s) subject to limits set by UNION BANK OF INDIA, RBI or NPCI from time to time

E. Rights and Obligations of Users:

(i) The User shall be entitled, subject these Terms, to conduct Digital Rupee Transactions on and from the Digital Rupee Wallet.

(ii) The instructions shall be issued by the User, in the form as prescribed by Union Bank of India, which is complete in all particulars. The User shall be responsible for the accuracy of the particulars given in the instruction and Shall not be liable to seek compensation from Union Bank of India for any loss arising on account of any error in the instruction.

(iii) Union Bank of India disclaims all liability for execution of any instruction in good faith and in compliance with the particulars given by the User.

(iv) The User authorizes Union Bank of India to fetch its Account details for the purposes of creation of the Digital Rupee Wallet and to link the Account to the Digital Rupee Wallet and further authorizes Union Bank of India to debit/ credit its Accounts) and/or the Digital Rupee Wallet as per instructions received from the User. User further understands that the Digital Rupee is a 'bearer instrument' and that whoever owns the Digital Rupee at a given point in time, such Digital Rupee would be assumed to be owned by them.

(v) The User shall ensure availability of funds in his Account(s) and/or Digital Rupee in the Digital Rupee Wallet, as the case may be, towards the fulfilment of the instruction. The User hereby authorizes Union Bank of India to debit the Account(s) and/or Digital Rupee Wallet of the User for any liability incurred by Union Bank of India on behalf of the User for execution of the instruction issued by the User.

(vi) The User agrees that any instruction given by the User for any Digital Rupee Transaction shall become irrevocable when it is executed by UNION BANK OF INDIA.

(vii) The User agrees that it shall not be entitled to make any claim against RBI and/or NPCI in respect of Digital Rupee Transactions.

(viii) The User shall provide correct and accurate details on the Digital Rupee Application in the format prescribed by UNION BANK OF INDIA. The User shall be solely responsible for entering incorrect details including details for conducting Digital Rupee Transactions. Union Bank of India shall not conduct any independent verification of any details provided by the User.

(ix) The User shall not hold Union Bank of India responsible for any damage, claim, and issue arising out or in connection with any purchase of goods/services from Merchants. The User understands and agrees that all such losses, damages and issues shall constitute a claim against such Merchants.

(x) User shall inform Union Bank of India immediately of any inquiry, question or issue raised by any authority including but not limited to any statutory authority or official regarding and relating to UNION BANK OF INDIA, as well as expeditiously notify Union Bank of India of any show causes, seizure or similar action and provide copies of any notices, memos, correspondences received from such authority.

(xi) User hereby understands that as part of registration process Digital Rupee Application will require the User to undergo device binding process through which User’s mobile device’s details will be verified and stored with UNION BANK OF INDIA. User hereby consents and authorize Union Bank of India to conduct such device binding and store User’s device details for the purposes of providing the Digital Rupee Application.

(xii) User shall be solely responsible for keeping its Digital Rupee wallet PIN, confidential and not share it with any third party. Union Bank of India shall not be responsible for any liability arising out of use, whether authorized or unauthorized, of User’s credentials (including PIN) by a third party.

(xiii) Minimum and Full KYC Users can send Digital Rupee to Users registered with Union Bank of India’s Digital Rupee Wallet using such User’s mobile number. For this purpose, User hereby gives Union Bank of India consent to access User’s contacts on their mobile to enable Union Bank of India to provide this facility.

(xiv) User understands that Digital Rupee Transaction may or may not be displayed in the official statement of your Account(s) due to technical considerations in enablement of Digital Rupee Wallet

(xv) User understands that Wallet Recovery is possible only using Wallet PIN and mobile number with which User had registered on the Digital Wallet Application. In case User loses the mobile number, user will not be able to do a Wallet Recovery. In case user forgets Wallet PIN, user will have to reset wallet PIN to do Wallet Recovery.

(xvi) User understands that in case of Full KYC Digital Rupee Wallet, user will not be able to reset Wallet PIN if the linked UBI Account is closed/in freeze/ non-operational/dormant, or if there is no active Debit Card linked to the UBI Account.

(xvii) User understands that, User will not be able to reset Wallet PIN if the linked Account is closed/in freeze/non-operational/dormant, or if there is no active debit card linked to the Account.

(xvii) User understand and agrees that request for specific denominations of Digital Rupee shall always be subject to availability of the said denominations with Union Bank of India. User further agrees that Digital Rupee Transactions can only be made in accordance with denominations available. However, User can request for change management from Union Bank of India. For e.g., if User A has Digital Rupee of ₹100, but wants to send ₹60 to User B. In that case, upon request, Union Bank of India will take ₹100 token from User A & return a change of ₹40 (Two tokens of ₹20 each) to User A and send ₹60 to User B.

(xviii) User understands that internet connectivity is necessary for conducting any Digital Rupee Transactions and any Digital Rupee Transactions conducted while User's device is offline shall not be processed.

F. Rights and Obligations of Union Bank of India

(i) Union Bank of India is not obliged to accept and execute every instruction given by the User. Bank may at its discretion, accept or reject any instruction of User, if it deems fit.

(ii) Union Bank of India may review the Digital Rupee Transactions for identifying high risk transactions and reserves the right to not process the Digital Rupee Transaction if it believes it to be suspicious, fraudulent or unusual and report the Digital Rupee Transaction, Digital Rupee Wallet details and Account(s) details to legal enforcement agencies or other regulatory authorities as applicable or notified by law.

G. Sharing of Information

The User irrevocably and unconditionally authorises Union Bank of India to access and use all information of the User's Account(s) and records received while providing the Digital Rupee Application and services under it and share such information with:

Union Bank of India’s employees/agents/group entities/ auditors, regulators, statutory authorities; or credit bureaus/credit rating agencies, Central Know Your Customer Registry; or Union Bank of India’s service providers or any such person with whom Union Bank of India contracts or proposes to contract in relation to the provision of the Digital Rupee Application and to enable Digital Rupee Transactions; For the purposes of audit, compliance, statutory requirement, analysis, promotional activities, making any offers etc.

H. Disclaimer of Liability

Union Bank of India does not hold out any warranty and makes no representation about the quality of the Digital Rupee Application. The User agrees and acknowledges that Union Bank of India shall not be liable and shall in no way be held responsible for any damages whatsoever whether such damages are direct, indirect, incidental or consequential and irrespective of whether any claim is based on loss of revenue, interruption of business, transaction carried out by the User and processed by UNION BANK OF INDIA, information provided or disclosed by Union Bank of India regarding User’s Account(s) or Digital Rupee Wallet or any loss of any character or nature whatsoever and whether sustained by the User or by any other person. While Union Bank of India shall endeavour to promptly execute and process the Digital Rupee Transactions as proposed to be made by the User, Union Bank of India shall not be responsible for any non-response or delay in responding due to any reason whatsoever, including due to failure of operational systems or any requirement of law. Union Bank of India shall not be liable for any loss, claim or damage suffered by the User and/or any other third party arising out of or resulting from failure of a Digital Rupee Transaction on account of time out transaction i.e. where no response is received from NPCI or the beneficiary bank and/or where mobile number or VPA of the beneficiary does not exist. Neither Union Bank of India nor its affiliates, directors, officers and/or agents shall be liable for any unauthorized persons accessing the Digital Rupee Application and the User hereby fully indemnifies and holds Union Bank of India, its affiliates, directors and officers harmless against any action, suit, proceeding initiated against it or any loss, cost or damage incurred by it as a result thereof. Union Bank of India shall under, no circumstance, be held liable to the User if Digital Rupee Application access is not available in the desired manner for reasons including but not limited to natural calamities, legal restraints, faults in the telecommunication network or network failure, or any other reason beyond the control of Union Bank of India.

All the records of Union Bank of India generated by the Digital Rupee Transactions arising out of the use of the Digital Rupee Application, including the time the transaction is recorded shall be conclusive proof of the genuineness and accuracy of the Digital Rupee Transaction. For the protection of both the parties, and as a tool to correct misunderstandings, the User understands, agrees and authorises Union Bank of India, at its discretion, and without further prior notice to the User, to monitor and record any or all telephone conversations between the User and Union Bank of India and any of its employees or agents. Union Bank of India expressly disclaims all warranties of any kind, whether express or implied or statutory, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose, data accuracy and completeness, and any warranties relating to non- infringement.

I. Indemnity

The User agree/s, at its own expense, to indemnify, defend and hold harmless Union Bank of India, its directors and employees, representatives, agents, and its affiliates against any claim, suit, action or other proceeding brought against Union Bank of India, its affiliates, directors and employees, representatives or agents by a third party, to the extent that such claim, suit, action of other proceeding brought against Union Bank of India, its affiliates, directors and employees, representatives or agents is based on or arises in connection with the use of the Digital Rupee Application with reference to:

(i) A violation of the Terms by the User;

(ii) Any attempts at hacking, reverse engineering, altering or any unauthorized use of the Digital Rupee Application by the User;

(iii) Any breach of any obligation to be performed by the User hereunder;

(iv) Any fraud, error, inadequate financial capacity to fulfil obligations and/or provide remedies;

(v) Any legal risks including but not limited to exposure to fines, penalties, or punitive damages resulting from supervisory actions, as well as private settlements due to omissions and commissions of User;

(vi) Against any losses which may be suffered or incurred by the NPCI or RBI and that the NPCI or RBI compels Union Bank of India to pay, and which must arise out of or in connection with such events that are directly caused by the acts or omissions of the Users.

The User agrees to pay any and all costs, damages and expenses, including, but not limited to, reasonable attorneys’ fees and costs awarded against it or otherwise incurred by or in connection with or arising from any such claim, suit, and action or proceeding attributable to any such claim. The User hereby agrees that under no circumstances, UNION BANK OF INDIA aggregate liability for claims relating to the Digital Rupee Application, whether for breach or in tort including but not limited to negligence shall be limited to the transaction charges/fees paid by the User excluding any amount paid towards transactions.

J. Termination

The User may request for termination of the Digital Rupee Application by de-registering the Digital Rupee Wallet and un-installing the Digital Rupee Application. The User will remain responsible for all the Digital Rupee Transactions made through the Digital Rupee Application. Union Bank of India at its sole discretion may suspend or terminate the provision of the Digital Rupee Application to the User anytime without assigning any reasons whatsoever. In case of such termination, all the tokens in the wallet of the User will be converted to fiat currency and transferred to the Union Bank of India account of the user.

K. Deregistration

User can deregister from the facility using Deregistration option in the mobile App.

L. General Conditions

i. The laws of India shall govern these terms and conditions and/or the operations in the account(s) maintained with Union Bank of India. Any legal action or proceedings arising out of these Terms shall be brought in the courts or tribunals at Mumbai in India. Union Bank of India 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. Union Bank of India may sub-contract and employ agents to carry out any of its obligations hereunder. Union Bank of India may transfer or assign its rights and obligations under this contract to any other entity. Union Bank of India 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 wherever feasible. By continuing to use the Digital Rupee Application, the User shall be deemed to have accepted the changed Terms. Notices under these Terms may be given in writing by delivering them by hand or by sending them by post to the last address given by the User and in the case of Union Bank of India to its corporate office address. In addition, Union Bank of India may also publish notices of general nature, which are applicable to all Users in a newspaper or on its website at www.unionbankofindia.co.in 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. Union Bank of India shall have the right of set-off and lien, irrespective of any other lien or charge, present as well as future on the deposits held in the Account(s) to the extent of all outstanding dues, whatsoever, arising as a result of the Digital Rupee Transaction. The User expressly authorizes the Bank to disclose to the service provider or any other third party, all User information in its possession, as may be required by them to provide the services to the User. The authority to record the transaction details is hereby expressly granted by the User to Bank. All records of Bank generated by the transactions arising out of use of the Facility, including the time of the transaction recorded shall be conclusive proof of the genuineness and accuracy of the transactions.

M. Dispute Redressal Mechanism

(i) User understands that any refunds, reversals, chargebacks in the event of a failed transaction shall be done within T+2 working days.

(ii) For grievances in relation to the Digital Rupee Transaction, the User can raise a dispute through the Digital Rupee Application or call Union Bank of India customer care [1800 2222 44]. Union Bank of India shall make best efforts to resolve the grievances and provide appropriate response in the event the grievance is attributable to a default by Union Bank of India.

For any inquiries or assistance, feel free to reach out to our dedicated support team. You can reach us via our toll-free number 1800 2222 44 or drop us an email at [email protected]. We are here to help you with any questions or concerns you may have. Looking forward to hearing from you.