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E-Rupee worth over ₹130 in circulation

March 14, 2023

E-Rupee worth over ₹130 in circulation
Digital or e-rupee worth over ₹130 crore is in circulation on a pilot basis as of Feb. 28, finance minister Nirmala Sitharaman said on Monday.

The Reserve Bank of India had launched pilots in digital rupee in the wholesale segment on November 1, 2022 and in the retail segment on December 1, 2022.

Nine banks, viz., State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd., Yes Bank Ltd., IDFC First Bank Ltd. and HSBC, have been participating in the digital rupee wholesale pilot, Sitharaman said.

‘As on February 28, 2023, the total digital rupee-retail and digital rupee-wholesale in circulation is ₹4.14 crore and ₹126.27 crore, respectively,’ Sitharaman said in a written reply in the Lok Sabha.

The digital rupee-retail 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.

It is being distributed through financial intermediaries, i.e., banks. Users can transact with digital rupee-retail through a digital wallet offered by the participating banks and stored on mobile phones/devices.

The e-rupee pilot for retail segment was launched on December 1, 2022 in five select locations in closed user group for making person to person and person to merchant transactions.

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