As of March 2024, there were 234.12 crore e-rupees in circulation, up from 16.3 crore in the previous year, according to Data from the Reserve Bank of India.
“The multiple jump could be due to a few big banks putting pressure on… CBDC Wallets “The increase in CBDC transactions could be due to the banking regulator allowing interoperability between CBDC and the Unified Payments Interface,” the same person said.
The data shows that CBDC circulation was almost entirely in the retail segment even as the wholesale segment fell sharply to near zero: Of the e-rupee circulation, ₹234.04 crore was retail and ₹8 crore was wholesale. retail transactions This is partly because the RBI has expanded the user segment by allowing non-bank payment system operators to offer CBDC wallets.
In the April monetary policy, the RBI Governor said: “The CBDC pilot projects Currently, CBDCs are working with more and more use cases and participating banks. It is proposed to make CBDC-Retail accessible to a wider segment of users by allowing non-bank payment system operators to offer CBDC wallets. This will also facilitate testing the resilience of the CBDC platform to handle multi-channel transactions.”
CBDC is the same as currency issued by a central bank, but in electronic form, and would appear as a liability (currency in circulation) on a central bank’s balance sheet. CBDCs are categorized based on usage, such as wholesale (CBDC-W) and retail (CBDC-R). According to the latest Currency and Finance Report, retail users of the e-rupee increased to 5 million by the end of June from 1.3 million a year earlier. The report said that 420,000 merchants were participating in the CBDC retail pilot. Initial use cases for the CBDC-R pilot included person-to-person (P2P) and person-to-merchant (P2M) transactions.
The highest circulation was for ₹500 CBDC notes at ₹1,643 crore, followed by ₹200 notes at ₹32 crore and ₹100 notes at ₹20.73 crore.
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