Digital Rupee

Finance Minister Nirmala Sitharaman said on Monday that Digital or e-rupee worth over Rs 130 crore was in circulation on a pilot basis as of February 28. "As on February 28, 2023, the total digital rupee - Retail (e₹-R) and digital rupee - wholesale (e₹-W) in circulation is Rs 4.14 crore and Rs 126.27 crore, respectively," Sitharaman said in a ...

Speaking at the 17th India Digital Summit earlier this week, a panel of industry insiders said that the use of CBDC is not coming with incentives for Indians. They explained that as opposed to the existing UPI online payment method, the programmable CBDC will make online payments cheaper, faster, and protected with a layer of anonymity.

CBDC trials in India have been expanded to 50,000 testers, and the RBI has temporarily halted onboarding newer testers. The central bank of India aims to take a slow and steady approach around its digital rupee. In the last two months, over 770,000 transactions have been facilitated via the digital rupee so far in select cities.

The pilot project started on December 1 has witnessed 7.70 lakh transactions, and is now being carried out in five cities, Deputy Governor T Rabi Sankar said.

Reliance Retail is set to accept India’s CBDC as a mode of payment in order to test its use-cases as well as drive its adoption. The development was confirmed by V Subramaniam, the Managing Director of Reliance Retail. Built on the distributed ledger system of blockchain, the CBDC is a digital representation of India’s fiat currency.

Central Bank Digital Currency pilot in the retail segment has components backed by blockchain technology and has several common features with physical cash, Minister of State for Finance Pankaj Chaudhary told the Lok Sabha on Monday.

Central bank digital currencies (CBDC) transactions would remain anonymous to a certain degree, Reserve Bank of India Deputy Governor T Rabi Sankar said on Wednesday. The IT department allows cash transactions up to a certain limit to be carried out without government ID proof, but the RBI is yet to clarified the degree to which CBDC transactions w...

"It (CBDC) goes from my mobile to somebody else's mobile. So why should we create this fear psychosis?," Shaktikanta Das asked.

India’s digital rupee CBDC went into retail trials on Thursday, December 1. The State Bank of India, ICICI Bank, Yes Bank, and IDFC First bank are the lenders that are participating in these trials, and upon completion, will testify if the CBDC is efficient and robust to use for day-to-day purchases.

The retail digital rupee makes its debut today. As the four banks selected by the Reserve Bank of India (RBI) gear up for the pilot launch of the digital rupee, here are 10 important points that you need to know about the digital currency

The RBI will begin testing the digital rupee CBDC for retail uses starting December 1. The announcement was made by the RBI on Tuesday, November 29. As part of the trials, the CBDC will be given to the testers in a digital wallet, backed by national banks participating in these trials.

Users can carry out transactions through digital wallets; only those digital wallets offered by banks participating in the RBI's digital currency drive can transact in retail digital rupee.

Retail digital rupee transactions can be carried out through a digital wallet on mobile phones and other devices.

Crypto industry experts, in conversation with Gadgets 360, have highlighted that CBDCs are different from crypto and hence, India did not have to delay its digital rupee trials amid the current market downturn. Once the CBDC is rolled out widely, it will not be affected by any crypto-related volatility and hence, experts have suggested Indians to u...

On Monday, the Reserve Bank of India (RBI) also announced that the first pilot in Digital Rupee - Retail segment is planned for launch within a month in select locations in closed user groups.

Finance Minister Nirmala Sitharaman said on Monday that Digital or e-rupee worth over Rs 130 crore was in circulation on a pilot basis as of February 28. "As on February 28, 2023, the total digital rupee - Retail (e₹-R) and digital rupee - wholesale (e₹-W) in circulation is Rs 4.14 crore and Rs 126.27 crore, respectively," Sitharaman said in a ...

Speaking at the 17th India Digital Summit earlier this week, a panel of industry insiders said that the use of CBDC is not coming with incentives for Indians. They explained that as opposed to the existing UPI online payment method, the programmable CBDC will make online payments cheaper, faster, and protected with a layer of anonymity.

CBDC trials in India have been expanded to 50,000 testers, and the RBI has temporarily halted onboarding newer testers. The central bank of India aims to take a slow and steady approach around its digital rupee. In the last two months, over 770,000 transactions have been facilitated via the digital rupee so far in select cities.

The pilot project started on December 1 has witnessed 7.70 lakh transactions, and is now being carried out in five cities, Deputy Governor T Rabi Sankar said.

Reliance Retail is set to accept India’s CBDC as a mode of payment in order to test its use-cases as well as drive its adoption. The development was confirmed by V Subramaniam, the Managing Director of Reliance Retail. Built on the distributed ledger system of blockchain, the CBDC is a digital representation of India’s fiat currency.

Central Bank Digital Currency pilot in the retail segment has components backed by blockchain technology and has several common features with physical cash, Minister of State for Finance Pankaj Chaudhary told the Lok Sabha on Monday.

Central bank digital currencies (CBDC) transactions would remain anonymous to a certain degree, Reserve Bank of India Deputy Governor T Rabi Sankar said on Wednesday. The IT department allows cash transactions up to a certain limit to be carried out without government ID proof, but the RBI is yet to clarified the degree to which CBDC transactions w...

"It (CBDC) goes from my mobile to somebody else's mobile. So why should we create this fear psychosis?," Shaktikanta Das asked.

India’s digital rupee CBDC went into retail trials on Thursday, December 1. The State Bank of India, ICICI Bank, Yes Bank, and IDFC First bank are the lenders that are participating in these trials, and upon completion, will testify if the CBDC is efficient and robust to use for day-to-day purchases.

The retail digital rupee makes its debut today. As the four banks selected by the Reserve Bank of India (RBI) gear up for the pilot launch of the digital rupee, here are 10 important points that you need to know about the digital currency

The RBI will begin testing the digital rupee CBDC for retail uses starting December 1. The announcement was made by the RBI on Tuesday, November 29. As part of the trials, the CBDC will be given to the testers in a digital wallet, backed by national banks participating in these trials.

Users can carry out transactions through digital wallets; only those digital wallets offered by banks participating in the RBI's digital currency drive can transact in retail digital rupee.

Retail digital rupee transactions can be carried out through a digital wallet on mobile phones and other devices.

Crypto industry experts, in conversation with Gadgets 360, have highlighted that CBDCs are different from crypto and hence, India did not have to delay its digital rupee trials amid the current market downturn. Once the CBDC is rolled out widely, it will not be affected by any crypto-related volatility and hence, experts have suggested Indians to u...

On Monday, the Reserve Bank of India (RBI) also announced that the first pilot in Digital Rupee - Retail segment is planned for launch within a month in select locations in closed user groups.