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Digital Rupee Sees Strong User Activity
India's digital rupee (CBDC) is showing strong traction, with over 150 million transactions completed. The total value of these digital rupee transactions has surpassed Rs 34,000 crore, indicating growing user engagement with the new payment system.
RBI Focuses on Future Payment Features
Reserve Bank of India Deputy Governor T Rabi Sankar called CBDC "the future of payments" and an "innovation whose time has come." He noted the central bank is prioritizing programmability, a key CBDC feature allowing conditional transactions, which is currently under development.
Gradual Rollout Planned Despite Uptake
Despite the strong uptake, Sankar stressed that the Reserve Bank of India is not rushing a full-scale launch. A wider rollout depends on domestic readiness and international progress, especially for cross-border transactions where CBDC can offer significant benefits. The focus remains on refining the technology and finding the best use cases.
RBI Explores SRO and AI Sandbox
Sankar also mentioned that the RBI plans to use a Self-Regulatory Organisation (SRO) model for the technology sector to encourage ongoing dialogue. Additionally, the central bank's fintech department is exploring an Artificial Intelligence (AI) sandbox. This would offer a controlled space with data for testing and training AI models while specific regulations are developed.