RBI, Banks Plan New Feature For Digital Currency
According to six persons with knowledge of the situation, the Reserve Bank of India (RBI) is collaborating with lenders to implement additional features to increase acceptance of the so-called e-rupee, the central bank digital currency (CBDC).
Retail CBDC transactions currently average around 18,000 per day, much below the RBI’s objective of one million per day by the end of 2023.
According to three of the individuals cited above, the capabilities include enabling digital rupee transactions when a consumer is offline and connecting the e-rupee to India’s well-known Unified Payments Interface (UPI).
With the use of UPI, consumers can send money instantly and in real-time across several banks without revealing their bank account information.
The sources declined to provide their names because they lack a permit to speak to the media. The RBI did not reply to an email asking for a comment. According to two of the above-mentioned bankers, the RBI has been encouraging banks to make the e-rupee interoperable with UPI through a QR code.
(With inputs from Shikha Singh)
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