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- RBI to explore CBDC pilot in cross-border transactions
The Reserve Bank of India (RBI) plans to expand its digital rupee pilot to more direct benefit transfer s ...More
The Reserve Bank of India (RBI) plans to expand its digital rupee pilot to more direct benefit transfer schemes and the domestic retail space in the current fiscal year. Additionally, the RBI is exploring the use of CBDC in cross-border transactions, signing MoUs and engaging in bilateral discussions for pilot projects. ...Less
- Zerodha's Nikhil Kamath suggests exploring gold-based stablecoins for India
Zerodha co-founder Nikhil Kamath questioned the long-term suitability of dollar-backed stablecoins for In ...More
Zerodha co-founder Nikhil Kamath questioned the long-term suitability of dollar-backed stablecoins for India and proposed exploring a gold-linked stablecoin. He said such a model could monetise idle household gold holdings while reducing dependence on dollar-dominated digital financial systems and supporting India’s strategic interests. ...Less
- India's digital currency push targets its leaky welfare system
While India's early efforts are modest compared with those of China, where more than 200 million people u ...More
While India's early efforts are modest compared with those of China, where more than 200 million people use the e-yuan, the world's most populous nation could in theory become its biggest CBDC issuer if the system gains traction. ...Less
- These 8 private and public banking stocks have an upside of up to 35% in one year, according to analysts
There was a decline in banking stocks during Tuesday’s trading session. The drop came as a reaction to th ...More
There was a decline in banking stocks during Tuesday’s trading session. The drop came as a reaction to the RBI tightening its bad loan norms. The market’s reaction was not really a surprise. The new rules will have an impact on bank margins in the short term. In the longer term, however, remember that banking as a business will grow in the way it should only if there are good and tough regulations in place. That’s something to keep in mind as an investor. ...Less
- India's digital currency push targets its leaky welfare system
India is piloting its digital rupee, the e-rupee, for welfare payments. This initiative aims to improve e ...More
India is piloting its digital rupee, the e-rupee, for welfare payments. This initiative aims to improve efficiency and reduce corruption in government subsidies. Farmers like Samadhan Sonawane are receiving funds directly for farm equipment. Similar trials are underway for food distribution. The e-rupee offers programmable features to ensure funds are used as intended. ...Less
- What is the digital rupee?
Here are 5 things to know about the digital rupee. ...More
Here are 5 things to know about the digital rupee. ...Less
- RBI in talks with leading global peers to promote digital rupee payments
Barely months before unveiling the CBDC pilot in both retail and wholesale segments, the central bank all ...More
Barely months before unveiling the CBDC pilot in both retail and wholesale segments, the central bank allowed rupee settlement for international trade as a step towards internationalisation of the rupee. Banks from 18 countries have opened rupee vostro accounts since July last year, helping their importers settle payments in the rupee. ...Less
- ICICI Bank customers can now pay using the digital rupee app: How to make payments via digital rupee
ICICI Bank has announced that their digital rupee (e) app 'Digital Rupee by ICICI Bank' now allows millio ...More
ICICI Bank has announced that their digital rupee (e) app 'Digital Rupee by ICICI Bank' now allows millions of clients to pay to any retailer QR code. The Bank has made it possible by making its digital rupee app UPI (Unified Payments Interface) interoperable. ...Less
- CBDC big update: Soon use RBI’s Digital Rupee for offline transactions
Soon, offline transactions can be conducted using the RBI's Digital Rupee. The Reserve Bank of India (RBI ...More
Soon, offline transactions can be conducted using the RBI's Digital Rupee. The Reserve Bank of India (RBI) has stated that its Central Bank Digital Currency (CBDC) can be used offline in its RBI monetary policy meeting. ...Less
- Bringing efficiency in cross-border payments among motivations behind wholesale digital Rupee: Govt
Reserve Bank of India (RBI) has launched pilots in the Digital rupee in both wholesale and retail segment ...More
Reserve Bank of India (RBI) has launched pilots in the Digital rupee in both wholesale and retail segments. The first pilot in the Digital Rupee -Wholesale segment (eRs- W) was launched on November 1, 2022. Further, the first retail digital Rupee (eRs-R) pilot was launched on December 01, 2022. ...Less
- Digital rupee to be introduced by the RBI: Budget 2022
Introduction of Digital currency by central bank will lead to cheaper currency management. The FM said th ...More
Introduction of Digital currency by central bank will lead to cheaper currency management. The FM said that the digital rupee issued by RBI will use blockchain technology starting from FY 2022-23. ...Less
- How will RBI's CBDC Digital Rupee work, how is it different from digital money?
RBI is all set to commence the pilot project of India's very own digital currency —Digital Rupee — for th ...More
RBI is all set to commence the pilot project of India's very own digital currency —Digital Rupee — for the wholesale segment from November 1, 2022. What is it and why is RBI introducing Digital Rupee? ...Less
- Digital Rupee: How is RBI retail e-Rupee different from UPI, NEFT, RTGS?
e-Rupee is an electronic form of sovereign currency while UPI applications such as Google Pay, PhonePe, N ...More
e-Rupee is an electronic form of sovereign currency while UPI applications such as Google Pay, PhonePe, NEFT, and RTGS are different methods of transferring funds or payment mediums. Know how RBI's central bank digital currency digital rupee is different from UPI, NEFT, RTGS ...Less
- How to use RBI's Digital Rupee
The e-Rupee (of RBI Digital Rupee) would exist as a digital token that represents for money. It would be ...More
The e-Rupee (of RBI Digital Rupee) would exist as a digital token that represents for money. It would be distributed in the same denominations that coins and paper money are now distributed in. ...Less
- Is India ready for digital rupee?
While both Central Bank Digital Currencies or CBDC and cryptocurrencies work on the DLT technology, the g ...More
While both Central Bank Digital Currencies or CBDC and cryptocurrencies work on the DLT technology, the goals are different. CBDC could be linked to e-wallets and the UPI payment infrastructure and also possibly bank accounts, offering the end-user the best of both -- security (sovereign issuance) and convenience offered by new age fintechs. ...Less
- RBI retail digital rupee pilot starts: Who can use e-Rupee?
The pilot project of retail digital rupee will cover select locations in closed user groups (CUG) which w ...More
The pilot project of retail digital rupee will cover select locations in closed user groups (CUG) which will include both the customers and merchants. Here's all you need to know about RBI retail e-Rupee pilot launch. ...Less
- View: Rupee at 100 will be a harsh check on India’s ambitions
Rupee fall: In a serious twist, India's currency is on a steep decline, echoing previous economic upheava ...More
Rupee fall: In a serious twist, India's currency is on a steep decline, echoing previous economic upheavals. A mix of global influences and local policies has resulted in a weakened rupee, affecting everyday expenses for citizens, the financial burden of education, and the overall fiscal health of the government. ...Less
- Digital rupee can be exchanged for cash: PM Modi
"Central Bank Digital Currency (CBDC) will strengthen the digital economy... If anyone makes a payment in ...More
"Central Bank Digital Currency (CBDC) will strengthen the digital economy... If anyone makes a payment in digital currency, you will be able to change it to cash," Modi said. ...Less
- What is Digital Rupee, how it works
Digital Rupee is a central bank digital currency (CBDC) that will be launched in 2022-23, the FM said. CB ...More
Digital Rupee is a central bank digital currency (CBDC) that will be launched in 2022-23, the FM said. CBDC is the same as currency issued by a central bank but takes a different form than paper. ...Less
- RBI Retail Digital Rupee now live! Perks of using e₹-R
The retail pilot of the Reserve Bank of India’s (RBI) digital currency has gone live on December 1, 2022. ...More
The retail pilot of the Reserve Bank of India’s (RBI) digital currency has gone live on December 1, 2022. Here are the perks of RBI retail digital rupee or e₹-R ...Less
- Digital Rupee: Do you need a bank account to transact RBI e-Rupee?
The retail digital rupee is an electronic token issued by the Reserve Bank of India. It is is similar to ...More
The retail digital rupee is an electronic token issued by the Reserve Bank of India. It is is similar to the physical rupee that you hold in your wallet. Since the pilot started there has been a lot of interest among the users about it. ET Wealth Online answers seven common questions related to the retail digital rupee. ...Less
- Rupee at 100 will be a harsh check on India’s ambitions
India's rupee has hit record lows, exacerbated by Middle East conflict and domestic economic fragilities. ...More
India's rupee has hit record lows, exacerbated by Middle East conflict and domestic economic fragilities. The Reserve Bank of India's currency controls backfired, signaling a loss of confidence. A rupee at 100 threatens to increase living costs, strain government finances, and impact aspirational spending, posing a harsh check on the nation's ambitions. ...Less
- PNB allows CBDC-UPI interoperability via PNB Digital Rupee app; how to register and sign up for Digital Rupee
Customers of PNB can now pay their vendors using the UPI QR code by scanning it using the PNB Digital Rup ...More
Customers of PNB can now pay their vendors using the UPI QR code by scanning it using the PNB Digital Rupee app, or utilise it to finish a transaction at a vendor outlet. ...Less
- Kotak Mahindra adds UPI interoperability feature to its Digital Rupee app
Kotak Mahindra Bank has introduced a UPI interoperability feature on its Digital Rupee (e₹) application a ...More
Kotak Mahindra Bank has introduced a UPI interoperability feature on its Digital Rupee (e₹) application as part of the RBI's CBDC pilot project. Users can now scan any QR code at merchants to make payments for groceries and daily expenses. The feature is currently available for Android users. ...Less
- How to use Yes Bank’s Digital Rupee app
YES BANK is one amongst the four banks identified by the RBI under the first pilot of its digital currenc ...More
YES BANK is one amongst the four banks identified by the RBI under the first pilot of its digital currency (e₹) for the retail market. ...Less
- The triumphant UPI may be a stumbling block to digital Rupee's success
The Reserve Bank of India has launched the digital rupee (e₹-R) on a pilot basis in four cities. However, ...More
The Reserve Bank of India has launched the digital rupee (e₹-R) on a pilot basis in four cities. However, data indicate that India, which has already seen the United Payments Interface (UPI) succeed, might not be too eager to opt for CBDC-R. Data shows that the case for issuing retail CBDC has been found to be less compelling in some advanced economies. ...Less
- Digital Rupee: RBI plans to expand CBDC pilot to include more banks and locations
Touted as the e-Rupee or Digital Rupee, the RBI CBDC is an electronic form of sovereign currency. "The pi ...More
Touted as the e-Rupee or Digital Rupee, the RBI CBDC is an electronic form of sovereign currency. "The pilot in CBDC-Retail is proposed to be expanded to more locations and to include more participating banks," said RBI. ...Less
- SBI's digital rupee now linked to UPI
"The seamless integration of CBDC with UPI marks a significant leap for the bank, enhancing the acceptanc ...More
"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. ...Less
- What is digital rupee? And how will it work?
CBDC is a digital or virtual currency but is not comparable to the private virtual currencies that have m ...More
CBDC is a digital or virtual currency but is not comparable to the private virtual currencies that have mushroomed over the last decade. ...Less
- Why India's plan to launch a digital rupee needs more thought, less haste
A digital rupee will be like banknotes, but minus the ATMs. Users will be able to transfer purchasing pow ...More
A digital rupee will be like banknotes, but minus the ATMs. Users will be able to transfer purchasing power from their deposit accounts into their smartphone wallets in the form of online tokens, which will be a direct liability of the Reserve Bank of India — just like cash. ...Less
- Canara Bank launches UPI Interoperable Digital Rupee mobile app
Customers will be able to scan merchant UPI QR codes using the app and make the payment through digital c ...More
Customers will be able to scan merchant UPI QR codes using the app and make the payment through digital currency. ...Less
- RBI CBDC: Digital Rupee pilot starts from November 1; SBI, HDFC, 7 other banks to participate in wholesale launch
Digital Rupee pilot for wholesale segment: RBI has identified nine banks including State Bank of India, B ...More
Digital Rupee pilot for wholesale segment: RBI has identified nine banks including State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, YES Bank, IDFC First Bank and HSBC for the participation in the pilot launch of Digital Rupee-Wholesale segment. ...Less
- Important features of RBI Digital Rupee
Important features of RBI Digital Rupee ...More
Important features of RBI Digital Rupee ...Less
- IDEMIA, Airtel Payments, HMD Global tie up for Digital Rupee on feature phones
“Once this is commercially launched over the next few months, Nokia feature phone users in India, will be ...More
“Once this is commercially launched over the next few months, Nokia feature phone users in India, will be able to access the digital Rupee thanks to this collaboration which will empower the Nokia feature phone users with this latest technology and strengthen our government’s vision of inclusive digital economy for all,” said Ravi Kunwar, vic president (India and APAC), HMD Global. ...Less
- Digital rupee should remain anonymous, Nandan Nilekani says
Concerns pertaining to surveillance will arise if all payments made using digital rupee are recorded and ...More
Concerns pertaining to surveillance will arise if all payments made using digital rupee are recorded and are visible, Infosys cofounder and chairman Nandan Nilekani says in an interview. ...Less
- Canara Bank launches UPI Interoperable Digital Rupee mobile application
Canara Bank on Monday launched UPI Interoperable Digital Rupee mobile application as a part of the Reserv ...More
Canara Bank on Monday launched UPI Interoperable Digital Rupee mobile application as a part of the Reserve Bank of India's Central Bank Digital Currency (CBDC) pilot project. Canara Bank is the first Bank among public and private sector banks to introduce this feature in Bank’s CBDC mobile app called 'Canara Digital Rupee app'. ...Less
- SBI, HDFC Bank, Bank of Baroda, other banks allow you to scan UPI QR code and pay via RBI CBDC; how it works
Several banks have recently enabled a new functionality for their customers who are transacting using e-R ...More
Several banks have recently enabled a new functionality for their customers who are transacting using e-Rupee or Digital Rupee, which is India's Central Bank Digital Currency (CBDC) product. This new functionality enables Digital Rupee users to scan UPI QR codes to make payments in CBDC. Read here for details. ...Less
- Digital Rupee vs Crypto: What the debate misses about the future of money
India is seeing a digital money revolution with the Digital Rupee and crypto assets. The focus should be ...More
India is seeing a digital money revolution with the Digital Rupee and crypto assets. The focus should be on user experience, not just technology. The Digital Rupee's success depends on instant settlement, low fees, and universal acceptance. India needs policies to support local startups in this space. This ensures that the value stays within India. ...Less
- RBI launches pilot to implement retail digital rupee
In the first phase, State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank will carry out the impl ...More
In the first phase, State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank will carry out the implementation in four cities, Mumbai, New Delhi, Bengaluru and Bhubaneswar. In the second phase, four more banks, Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will join this pilot and carry out the implementation of the digital rupee to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla. ...Less
- Will you be able to use RBI Retail Digital Rupee?
The first pilot of RBI retail digital rupee is set to commence on December 1. Here is everything you need ...More
The first pilot of RBI retail digital rupee is set to commence on December 1. Here is everything you need to know about RBI first pilot of retail digital rupee. ...Less
- CBDC: Who’s ahead, who’s lagging
As the Indian government has already embraced the blockchain technology in some other areas, it is very m ...More
As the Indian government has already embraced the blockchain technology in some other areas, it is very much possible that RBI, too, will use the blockchain technology as an underlying architecture for the proposed Digital Rupee. ...Less
- Airtel Payments Bank, IDEMIA, HMD team up to enable use of digital rupee on feature phones
Airtel Payments Bank, IDEMIA, and HMD Global have partnered to introduce Central Bank Digital Currency (C ...More
Airtel Payments Bank, IDEMIA, and HMD Global have partnered to introduce Central Bank Digital Currency (CBDC) on feature phones in India. The collaboration aims to develop an advanced offline payment system that will enable the use of digital rupees on feature phones, promoting financial inclusion. IDEMIA will provide an offline layer to ensure secure transactions without online validation. ...Less
- SBI Chairman Dinesh Khara says digital rupee a game changer
The pilot project for retail digital rupee, RBI's central bank digital currency (CBDC) started in Mumbai, ...More
The pilot project for retail digital rupee, RBI's central bank digital currency (CBDC) started in Mumbai, New Delhi, Bengaluru and Bhubaneswar on Thursday and State Bank of India (SBI) is one of the participating banks. ...Less
- Odisha launches Subhadra Yojana; first direct transfer scheme using digital rupee
The Subhadra Yojana in Odisha has launched a direct transfer initiative for women, making it the first go ...More
The Subhadra Yojana in Odisha has launched a direct transfer initiative for women, making it the first government program to use Central Bank Digital Currency (CBDC). Beneficiaries receive Rs 10,000 annually in digital rupees, which can be spent via UPI QR codes or transferred to bank accounts. The scheme aims to enhance subsidy delivery. ...Less
- RBI to adopt graded approach to introduce digital currency
The RBI said that it has been exploring the pros and cons of the introduction of CBDC in India and the ap ...More
The RBI said that it has been exploring the pros and cons of the introduction of CBDC in India and the appropriate design elements of CBDCs that could be implemented with little, or no disruption are under examination. ...Less
- YES Bank goes live with UPI interoperability on CBDC
YES Bank has announced that it has launched Unified Payments Interface (UPI) Interoperability on the Rese ...More
YES Bank has announced that it has launched Unified Payments Interface (UPI) Interoperability on the Reserve Bank of India's Central Bank Digital Currency (CBDC) app. This will allow users to scan any UPI QR code through the YES Bank Digital Rupee app and make transactions seamlessly. This move aims to expand the reach of the Digital Rupee and highlights the bank's commitment to digital innovations. ...Less
- Is RBI's much-touted retail digital rupee really a 'game changer'?
Some think that retail CBDC is revolutionary because, unlike currency, it will remain on RBI's balance sh ...More
Some think that retail CBDC is revolutionary because, unlike currency, it will remain on RBI's balance sheet. This comes from the mistaken belief that commercial banks execute real currency payments and loans. The truth is that commercial banks hold bank tokens in bank accounts (in lieu of actual currency deposits) and only convert those bank tokens into rupees on demand, at a branch or ATM. ...Less
- Union Bank of India employees unhappy for getting perks in digital currency
RBI Digital Currency: Union Bank of India aims to adopt Reserve Bank of India's digital rupee for employe ...More
RBI Digital Currency: Union Bank of India aims to adopt Reserve Bank of India's digital rupee for employee benefit schemes, encouraging CBDC wallet transactions among staff members. Initially, the bank plans to credit specific allowances directly to the digital wallet, yet encounters resistance from some employees, prompting a protest from the All India Union Bank Employees Federation. They advocate for management to consult staff before enforcing this initiative. ...Less
- eRupee can’t be turned into cash directly, for now
According to the RBI, the eRupee pilot project has progressed quite satisfactorily in a closed-user group ...More
According to the RBI, the eRupee pilot project has progressed quite satisfactorily in a closed-user group and the number of users is gradually rising. ...Less
- Digital Rupee to save costs of printing, distributing and storing cash
For every Rs 100 note, the cost works out to be about Rs 15-17 rupee (15-17% on each tender) in its four- ...More
For every Rs 100 note, the cost works out to be about Rs 15-17 rupee (15-17% on each tender) in its four-year life cycle, according to a market estimate. The cycle entails a chain of printing new notes and soiled notes coming back to RBI via commercial banks. ...Less
- RBI to soon commence pilot launch of Digital Rupee, releases concept note on Central Bank Digital Currency
The central bank will also commence pilot launches of e-rupee for specific use cases, it said in a statem ...More
The central bank will also commence pilot launches of e-rupee for specific use cases, it said in a statement. As the extent and scope of such pilot launches expand, the RBI will continue to communicate about the specific features and benefits of digital rupee, from time to time. "The e-rupee will provide an additional option to the currently available forms of money. It is substantially not different from banknotes, but being digital it is likely to be easier, faster and cheaper," the RBI said. ...Less
- An essential guide for the RBI on how to design robust digital rupee
Despite the rush of pilots and launch commitments, CBDC continues to remain more of an intangible idea. W ...More
Despite the rush of pilots and launch commitments, CBDC continues to remain more of an intangible idea. While it is too early to determine its successes and failures, it is possible to identify initial measures that nudged some of the countries towards success, including the roles played by governments and central banks. ...Less
- Reliance Retail begins accepting govt's digital rupee for sales
Reliance Retail launched the first in-store acceptance of the RBI-created and Blockchain-based Central Ba ...More
Reliance Retail launched the first in-store acceptance of the RBI-created and Blockchain-based Central Bank Digital Currency (CBDC) at its gourmet food store Freshpik here. The CBDC is the a digital version of fiat money that will co-exist will hard cash. ...Less
- RBI likely to start digital rupee pilot in call money market by October
The pilot of the wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was launched on November 1, ...More
The pilot of the wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. ...Less
- Budget 2023: How to make RBI’s digital rupee a success
With the Union Budget 2023 in just a few weeks, Adelia Castelino of In solution Global shares his views o ...More
With the Union Budget 2023 in just a few weeks, Adelia Castelino of In solution Global shares his views on how to make the digital Rupee or CBDC a success. ...Less
- Digital rupee must be anonymous: Nilekani; why Polygon tapped top investors
Digital rupee must be anonymous to prevent the possibility of state surveillance, Nandan Nilekani says. I ...More
Digital rupee must be anonymous to prevent the possibility of state surveillance, Nandan Nilekani says. Institutional heft and firepower were the two reasons why Polygon raised funds from marquee investors, its founders say. ...Less
- How has the digital rupee grown 180 times in just two years?
India's digital rupee has witnessed substantial growth since its pilot launch in late 2022. By March 2025 ...More
India's digital rupee has witnessed substantial growth since its pilot launch in late 2022. By March 2025, the retail value soared to Rs 1,016.5 crore, a 180-fold increase from March 2023, driven by high-value denominations like Rs 500 notes. This surge indicates growing acceptance for larger retail and merchant transactions, supporting India's goals of modernizing payments and reducing cash reliance. ...Less
- View: A digital rupee and cryptocurrencies can (and should) co-exist
CBDCs are fiat currency in code. They can be programmed for specific use-cases and leveraged for delivery ...More
CBDCs are fiat currency in code. They can be programmed for specific use-cases and leveraged for delivery of government benefits and financial inclusion, address concerns around inclusion errors, and strengthen regulation to counter money laundering and terrorist financing. ...Less
- View: Bet you money ain't what it's said to be
The digital rupee, and other government-backed e-currencies, as well as cryptocurrencies, obviate the nee ...More
The digital rupee, and other government-backed e-currencies, as well as cryptocurrencies, obviate the need for physical pelf by way of banknotes and specie, and are meant to make commercial transactions easier and faster, in an evolutionary process which will eventually lead to the monetary utopia of a cashless world. ...Less
- India's digital rupee would be exchangeable against cash: PM Modi
The PM hinted that the RBI's digital currency will be a legal tender, being a revamped version of the phy ...More
The PM hinted that the RBI's digital currency will be a legal tender, being a revamped version of the physical currency. Modi said people could convert digital currency to physical currency and vice-versa with ease, which will strengthen India's digital economy and ecosystem. ...Less
- What is Digital Rupee? What you need to know
For more such web stories click on the ET icon below. ...More
For more such web stories click on the ET icon below. ...Less
- RBI likely to start digital rupee pilot in call money market by October
"The RBI will introduce the wholesale CBDC in the call market either this month or next month," Choudhary ...More
"The RBI will introduce the wholesale CBDC in the call market either this month or next month," Choudhary said on the sidelines of the G20 Leaders' Summit in New Delhi. The introduction of CBDC was announced in the Union Budget 2022-23 by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934, were made with the passage of the Finance Bill 2022. ...Less
- RBI working towards 'phased introduction' of digital rupee
A CBDC is a form of virtual currency that is issued by a central bank as an alternative to cash. ...More
A CBDC is a form of virtual currency that is issued by a central bank as an alternative to cash. ...Less
- HDFC Bank onboards 1 lakh customers and 1.7 lakh merchants on CBDC platform
Private lender HDFC Bank on Thursday said it has onboarded over 1 lakh customers and 1.7 lakh merchants u ...More
Private lender HDFC Bank on Thursday said it has onboarded over 1 lakh customers and 1.7 lakh merchants under the Central Bank digital currency (CBDC) pilot programme. The interoperable UPI QR code allows HDFC Bank merchants who have been onboarded on the bank’s CBDC platform, to accept payments from their customers in the form of Digital Rupee currency, boosting usage of CBDC in day-to-day transactions. ...Less
- RBI plans to expand applications of digital rupee in future pilot projects
"Wholesale digital rupee is expected to make the inter-bank market more efficient and reduce transaction ...More
"Wholesale digital rupee is expected to make the inter-bank market more efficient and reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk," the central bank said. "Based on the learnings from this pilot, other wholesale transactions and cross-border payments will be the focus of future pilots." ...Less
- RBI to pilot launch CBDC today; What is a digital rupee?
The Reserve Bank of India will commence the pilot launch of the country's first Digital Rupee on Tuesday. ...More
The Reserve Bank of India will commence the pilot launch of the country's first Digital Rupee on Tuesday. While the Central Bank Digital Currency-Wholesale launches today, the Central Bank Digital Currency-Retail will launch in a month. ...Less
- Budget gives crypto some clarity but more importance to Digital Rupee
The government has smartly sidestepped on the legality of cryptocurrencies while showing its disinclinati ...More
The government has smartly sidestepped on the legality of cryptocurrencies while showing its disinclination to support these, by levying a huge tax burden on those making money from such virtual digital assets, as the Finance Bill has tried to define it. ...Less
- E-rupee worth over Rs 130 crore in circulation: Nirmala Sitharaman
Nine banks, viz., State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak ...More
Nine banks, viz., State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC, have been participating in the digital rupee wholesale pilot, the Union Finance Minister Nirmala Sitharaman said. ...Less
- RBI to launch first pilot for retail digital rupee on December 1; SBI, ICICI Bank and six other banks identified for participation
The Reserve Bank of India will launch the first pilot for retail digital Rupee (e₹-R) on December 01, 202 ...More
The Reserve Bank of India will launch the first pilot for retail digital Rupee (e₹-R) on December 01, 2022, it said on Tuesday. The pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants. The e₹-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued. ...Less
- RBI to soon launch CBDC pilot project; blockchain world high on spirits
RBI also expressed concern about the popularity of cryptocurrency in recent years. The proliferation of c ...More
RBI also expressed concern about the popularity of cryptocurrency in recent years. The proliferation of crypto assets can pose significant risks related to money laundering and financing of terrorism, the central bank fears. ...Less
- Future of money has to be digital, no escape from that: Shaktikanta Das
Reserve Bank of India Governor Shaktikanta Das emphasised the inevitability of digital money at the G30 A ...More
Reserve Bank of India Governor Shaktikanta Das emphasised the inevitability of digital money at the G30 Annual International Banking seminar. He highlighted the potential of central bank digital currencies (CBDC) for cross-border payments. Das called for multilateral cooperation in CBDC design and legal aspects. ...Less
- Digital Rupee and India Stack: Can other countries also replicate the model?
Financial services are now more readily available to consumers in nations with potentially limited access ...More
Financial services are now more readily available to consumers in nations with potentially limited access to traditional banking services because of digital assets like cryptocurrencies that enable peer-to-peer transactions without the need for middlemen. ...Less
- India's digital currency to debut by early 2023
A top government source said the digital currency issued by the RBI would be numbered in units, just like ...More
A top government source said the digital currency issued by the RBI would be numbered in units, just like every fiat currency has an unique number. ...Less
- RBI to launch Digital Rupee pilot for wholesale segment from November 1
"The use case for this pilot (wholesale segment) is settlement of secondary market transactions in govern ...More
"The use case for this pilot (wholesale segment) is settlement of secondary market transactions in government securities. Use of e₹-W is expected to make the inter-bank market more efficient," the Reserve Bank of India said in a statement today. The RBI will also within a month commence the first pilot for the retail segment in select locations in closed user groups comprising customers and merchants. ...Less
- PNB introduces CBDC-UPI interoperability for seamless transactions
PNB customers can now use the PNB digital rupee app to scan the UPI QR code for payment to their merchant ...More
PNB customers can now use the PNB digital rupee app to scan the UPI QR code for payment to their merchants or complete a transaction at a merchant outlet, it said. Even if the merchants do not have a CBDC Wallet, PNB digital rupee app users can utilise their CBDC wallets to conduct transactions on the UPI QR of these merchants, it added. ...Less
- Digital rupee work in progress, looking at risks to stability: Das
The government has proposed a bill that will allow the central bank to create its own digital currency, w ...More
The government has proposed a bill that will allow the central bank to create its own digital currency, while banning all private cryptocurrencies. ...Less
- India's digital rupee fails to excite interest, bankers say
The RBI has devised the e-rupee basically as a digital alternative to cash - one using blockchain distrib ...More
The RBI has devised the e-rupee basically as a digital alternative to cash - one using blockchain distributed-ledger technology, to some degree anonymous and most relevant to consumers and retailers. But in the initial trial banks have been using it for settlements with each other - with no particular advantage, according to bankers. ...Less
- How first-time users can register/sign up for e-rupee
In the first pilot of central bank digital currency, few customers have been selected to be a part of the ...More
In the first pilot of central bank digital currency, few customers have been selected to be a part of the Closed User Group (CUG) in few locations. It can be used to carry out transactions or hold value digitally in the same way as currency notes can. ...Less
- RBI launches first pilot of wholesale CBDC
Nine banks including State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kot ...More
Nine banks including State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC have been identified for participation in the pilot. ...Less
- India's digital currency needs nuanced approach: RBI deputy governor
As far as India is concerned, T Rabi Sankar emphasised that RBI is looking at CBDC as just the digital fo ...More
As far as India is concerned, T Rabi Sankar emphasised that RBI is looking at CBDC as just the digital form of paper currency and no distinction whatsoever. He also added that the digital currency planned by the central bank is unlikely to be interest bearing. ...Less
- Why CBDC may not be the silver bullet to address crypto assets risks
Globally, central bankers are divided in opinion on whether the emergence of crypto assets led to an acce ...More
Globally, central bankers are divided in opinion on whether the emergence of crypto assets led to an acceleration of their CBDC projects: in a May 2022 survey by the Bank for International Settlements, six out of ten respondent central banks agreed. ...Less
- Crypto is used for bribes and money laundering, says BJP MP Nishikant Dubey
Nishikant Dubey applauded the government’s stance on cryptocurrencies and praised the proposed 30% capita ...More
Nishikant Dubey applauded the government’s stance on cryptocurrencies and praised the proposed 30% capital gains tax and 1% TDS announced during the Union Budget, and praised the RBI for pushing to introduce the digital rupee. ...Less
- Digital Rupee: SBI allows interoperability of UPI and Central Bank Digital Currency (CBDC)
With the use of this innovative innovation, customers of the SBI CBDC will be able to quickly scan any re ...More
With the use of this innovative innovation, customers of the SBI CBDC will be able to quickly scan any retailer's UPI QR code for quick and secure transactions. ...Less
- SBI, ICICI, IDFC, HDFC, Yes Bank in RBI's list for digital currency pilot
The Reserve Bank is deliberating on whether retail CBDC (also known as CBDC-R) should be interoperable wi ...More
The Reserve Bank is deliberating on whether retail CBDC (also known as CBDC-R) should be interoperable with the current digital payments system or a new framework should be built. The pilot for the retail digital rupee is expected to go live soon. ...Less
- Digital currency has 50,000 users, 5,000 merchants: RBI
RBI said 50,000 users and 5,000 merchants are transacting through eight banks at present, and another fiv ...More
RBI said 50,000 users and 5,000 merchants are transacting through eight banks at present, and another five lenders are set to join soon. The pilot project started on December 1 has witnessed 7.70 lakh transactions, and is now being carried out in five cities, RBI said. ...Less
- Cautiously progressing to introduce CBDC; do not want to rush it: RBI Governor
In her Budget 2022-23 speech, Finance Minister Nirmala Sitharaman had announced that the RBI will introdu ...More
In her Budget 2022-23 speech, Finance Minister Nirmala Sitharaman had announced that the RBI will introduce a digital currency in the next financial year beginning April 2022 to boost the digital economy and for more efficient currency management. ...Less
- RBI’s Digital Rupee: 7 things to know
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- Digital Rupee transactions slump after reaching initial RBI target
India's digital currency, the e-rupee, has seen a sharp decline in usage, dropping to 10% of its December ...More
India's digital currency, the e-rupee, has seen a sharp decline in usage, dropping to 10% of its December peak, sources reveal. Initially boosted by incentives, daily transactions fell from 1 million to about 100,000 after these incentives waned. The Reserve Bank of India is now focusing on refining the technology and exploring new use cases. ...Less
- The future of Web 3.0 and crypto in India augmented by the digital rupee
It is now up to the Indian government to encourage this ecosystem in a compliant manner. The government h ...More
It is now up to the Indian government to encourage this ecosystem in a compliant manner. The government has taken great strides already. Be it a TDS on sales or the recent anti-money laundering (AML) provisions under PMLA, the messaging from the government has been consistent: invest fairly and declare the profits ...Less
- e-Rupee may offer same anonymity as dealing in cash
Bankers said that once the CBDC-R (Central Bank Backed Digital Currency-Retail) is transferred to custome ...More
Bankers said that once the CBDC-R (Central Bank Backed Digital Currency-Retail) is transferred to customer wallets, banks will not track or report these transactions. ...Less
- Cryptocurrencies like Bitcoin, Ethereum will never become legal tenders: Finance Secretary
People investing in private crypto should understand that it is does not have the authorisation of the go ...More
People investing in private crypto should understand that it is does not have the authorisation of the government. There is not any guarantee that your investments will be successful or not, one may lose money and the government is not responsible for this, he said ...Less
- Twenty-four central banks will have digital currencies by 2030: survey
Some two dozen central banks across emerging and advanced economies are expected to have digital currenci ...More
Some two dozen central banks across emerging and advanced economies are expected to have digital currencies in circulation by the end of the decade, the Bank for International Settlements (BIS) found in a survey published on Monday. ...Less
- Pilot project soon to test e-Rupee in specific use cases
The RBI said that the purpose behind issuing the concept note is to create awareness about CBDCs in gener ...More
The RBI said that the purpose behind issuing the concept note is to create awareness about CBDCs in general and the planned features of the digital rupee. ...Less
- Digital Rupee: RBI widens scope of CBDC; non-banking payment companies to facilitate transactions
Digital Rupee transaction: The Reserve Bank of India has proposed that CBDC (Central Bank Digital Currenc ...More
Digital Rupee transaction: The Reserve Bank of India has proposed that CBDC (Central Bank Digital Currency) or, the eRupee, to be accessible to broader sectors of customers. ...Less
- Budget 2022-23: World-beating growth, GatiShakti power, debut of digital rupee
The Union Budget 2022-23 emphasised India’s robust economic growth and the transformative GatiShakti infr ...More
The Union Budget 2022-23 emphasised India’s robust economic growth and the transformative GatiShakti infrastructure initiative. It outlined an ambitious economic recovery plan for India, focusing on PM GatiShakti, inclusive development and productivity enhancement. The budget projected robust GDP growth and significant job creation through manufacturing incentives. ...Less
- View: A digital rupee and cryptocurrencies can (and should) co-exist
Central banks should not fear the rise of cryptocurrencies. There are several different use cases of CBDC ...More
Central banks should not fear the rise of cryptocurrencies. There are several different use cases of CBDCs and cryptocurrencies, and both have immense potential to co-exist, and grow. Obviously, there are few areas of overlap, in which competition will be good to benefit the users. ...Less
- RBI to launch retail digital rupee on Dec: All you need to know
RBI to launch retail digital rupee on Dec: All you need to know ...More
RBI to launch retail digital rupee on Dec: All you need to know ...Less
- A quick guide for Reserve Bank of India on how to develop digital rupee
The CBDC design is closely linked to its policy motivation. For instance, countries that are exploring a ...More
The CBDC design is closely linked to its policy motivation. For instance, countries that are exploring a sovereign digital currency to improve the efficiency of retail payments, respond to the decline in cash, and promote financial inclusion are exploring a retail CBDC. Alternatively, some countries are exploring a wholesale CBDC meant for interbank payments, specifically in the context of cross-border payments. ...Less
