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RBI to launch first pilot of e₹ (eRupi) today

RBI to launch first pilot of e₹ (eRupi) on 1 November 2022

India’s first Digital Rupee or e₹ (eRupi) pilot project will commence on Tuesday with nine banks, including SBI, HDFC Bank and ICICI Bank, issuing the virtual currency for transactions in government securities.

For transactions in govt securities

  • The use case for the pilot is settlement of secondary market transactions in government securities
  • Use of eRs -W is expected to make the inter-bank market more efficient
  • Will reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk

Additional payment avenue

It is aimed to complement, rather than replace, current forms of money and is envisaged to provide an additional payment avenue to users, not to replace the existing payment systems. Reserve Bank of India


“...the first pilot in the Digital Rupee — Wholesale segment shall commence on November 1, 2022,” the RBI said in a statement on ‘Operationalisation of Central Bank Digital Currency-Wholesale (eRs -W) Pilot’.

It also announced that the first pilot in Digital Rupee — Retail segment is planned for launch within a month in select locations in closed user groups comprising customers a
nd merchants.

The use case for the pilot is settlement of secondary market transactions in government securities, the RBI said regarding the maiden project starting Tuesday. “Use of eRs -W is expected to make the inter-bank market more efficient,” it added.

RBI CBDC Concept Note Can be Read Here

RBI e₹ Pilot Notification can be Read Here

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e₹ | e Rupi : RBI to launch first pilot of e₹ (eRupi) today
RBI to launch first pilot of e₹ (eRupi) today
RBI to launch first pilot of e₹ (eRupi) on 1 November 2022
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