Digital E-Rupee Worth Over INR 130 Crore Is In Circulation, Says Nirmala Sitharaman
India launched its e-Rupee on December 1st in 5 select locations in a closed user group for making Person to Person (P2P) and Person to Merchant (P2M) transactions
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Finance minister Nirmala Sitharaman on Monday said that digital e-rupee worth over INR 130 crore is in circulation on a pilot basis as of February 28, according to a PTI report.
In a written reply to the Lok Sabha, Sitharaman reportedly said that, "As on February 28, 2023, the total digital rupee – Retail (e₹-R) and digital rupee – wholesale (e₹-W) in circulation is INR 4.14 crore and INR 126.27 crore, respectively."
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, Sitharaman said in a statement.
India launched its e-Rupee on December 1st in 5 select locations in a closed user group for making Person to Person (P2P) and Person to Merchant (P2M) transactions. The Reserve Bank of India's Central Bank Digital Currency (CBDC) is an electronic version of cash, and will be primarily meant for retail transactions. The e₹-R is in the form of a digital token that represents legal tender. It is being issued in the same denominations that paper currency and coins are currently issued.
"Few online merchants have also been enabled to accept digital rupee for the convenience of users. In the approximately three months of the pilot, the total digital rupee – Retail (e₹-R) in circulation in the selected locations is INR 4.14 crore, the minister further noted as per the report.
"Various use cases, technological architecture and design features are being tested during the pilot. Further steps, including expansion of use case, have to be through a phased implementation strategy on the basis of feedback received during the pilots," Sitharaman added.