SBI's digital rupee now linked to UPI

State Bank of India (SBI) has made the NPCI's UPI system interoperable with its digital rupee (e₹) as part of the Reserve Bank of India's (RBI) Central Bank Digital Currency (CBDC) programme.

The SBI digital rupee will now be accessible through the 'eRupee by SBI' application. Users can scan any merchant UPI QR code for swift and secure transactions.

SBI was among the first few banks to participate in the RBI's retail digital e-rupee project in December 2022.


"The seamless integration of CBDC with UPI marks a significant leap for the bank, enhancing the acceptance and utilization of digital currencies in everyday transactions. SBI feels that this integration will be a game changer for the digital currency ecosystem," the bank said in a statement.

The bank expects that bridging the gap between CBDC and the extensively used UPI platform will boost the payments ecosystem in India.