Context:
The Reserve Bank of India (RBI) launched the offline digital rupee (e₹) at the Global Fintech Fest 2025, marking a significant step in the digital finance ecosystem of India. The e₹ is a form of Central Bank Digital Currency (CBDC), combining the convenience of digital payments with the characteristics of physical cash.
Key Highlights:
- Nature of e₹:
- Official CBDC issued by RBI.
- Functions like physical cash in digital form.
- Stored in bank wallets provided by SBI, ICICI, HDFC, and Union Bank.
- Availability:
- Wallet apps available on Google Play and Apple App Store.
- Supports instant person-to-person (P2P) and person-to-merchant (P2M) transactions.
- Offline Capability:
- Supports offline payments using minimal network connectivity or NFC tap technology.
- Ensures usability in rural and remote areas, expanding financial inclusion.
- Programmability & Pilots:
- Being tested in government schemes:
- GSAFAL in Gujarat
- DEEPAM 2.0 in Andhra Pradesh
- Enables efficient subsidy delivery, transparency, and traceability of funds.
- Being tested in government schemes:
- Pilot & Adoption:
- India’s first retail e-rupee pilot started on December 1, 2022.
- Over 7 million users have participated so far.
Significance for India:
- Strengthens digital payment infrastructure.
- Promotes financial inclusion, especially in underserved regions.
- Reduces dependency on cash handling.
- Facilitates transparent, traceable, and programmable payments for government schemes.
