While CBDC or the e-rupee project is currently in the pilot stage, RBI had set a target of reaching a million transactions a day for 2023, which has now been scaled.
Banks in India are set to establish a common website to promote digital currency transactions and increase awareness of its adoption. The Reserve Bank of India has requested lenders to explore creating a platform to onboard customers and promote e-rupee. The proposed website is expected to have around 500,000 hits per month, potentially doubling by the end of the first year of operations. The website may be set up through the Indian Banks Association (IBA).
The central bank digital currency (CBDC), called the e-rupee, has been devised as a digital alternative to physical cash and has been built using distributed-ledger technology.
Central Bank Digital Currency (CBDC), or e-rupee, can help reduce the cost of cross-border remittances by 2-3%, according to an official. The Central Bank Digital Currency (CBDC) is a digital token that represents legal tender and is issued in the same denominations as paper currency and coins.