RBI Reports Surge in E-Rupee Circulation to Over ₹1,000 Crore
In its annual report, the RBI revealed that it is exploring pilot programmes for cross-border CBDC payments on both bilateral and multilateral levels.
Mumbai: The Reserve Bank of India (RBI) reported a sharp surge in the circulation of its Central Bank Digital Currency (CBDC), with the value of e-rupee in circulation reaching ₹1,016 crore by the end of March 2025, up from ₹234 crore a year earlier.
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RBI Plans Cross-Border CBDC Pilots
In its annual report, the RBI revealed that it is exploring pilot programmes for cross-border CBDC payments on both bilateral and multilateral levels. These pilots aim to address key issues such as turnaround time, efficiency, and transparency in international transactions. The RBI is actively working on the technical roadmap and potential use cases and is also considering participation in multilateral initiatives under the Bank for International Settlements (BIS) Innovation Hub.
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Retail and Wholesale e-Rupee Pilots Expanded
The CBDC was first introduced in November 2022 with a wholesale pilot, later followed by a retail rollout. The e-rupee-Retail pilot has since expanded significantly, now covering 17 banks and over 60 lakh users by March 2025. The RBI also reported the introduction of new offline and programmability features during FY25, aimed at boosting accessibility and functionality.
New Use Cases: DBT, Farmer Loans, and Employee Benefits
Programmability features have enabled targeted transfers such as:
- Direct benefit transfers (DBT) to farmers linked with carbon credit generation.
- Kisan Credit Card (KCC) loans to tenant farmers.
- Employee allowances for fuel and meals distributed via e-rupee wallets.
Additionally, Odisha utilized the e-rupee to transfer benefits to 88,000 beneficiaries under the Subhadra Yojana, with talks ongoing to expand this approach to more state and central government schemes.
Breakdown of e-Rupee Denominations
The majority of CBDC in circulation is in ₹500 denomination (₹857 crore), followed by:
- ₹200 notes (₹91 crore)
- ₹100 notes (₹38 crore)
This reflects an increasing integration of digital currency into high-value retail transactions.
Non-Banks Join CBDC Wallet Ecosystem
To enhance the distribution network and drive adoption, the RBI has allowed select non-banking entities to offer CBDC wallets. On the wholesale side, the RBI has included four standalone primary dealers (SPDs) to diversify participation.
RBI Pushes for Wider Adoption and Technological Improvements
The central bank plans to further expand the scope and coverage of both e-rupee-Retail and e-rupee-Wholesale pilots by introducing new use cases and upgrading the account aggregator framework for better transparency, customer convenience, and efficiency.
With digital currency adoption gaining momentum, the RBI’s proactive measures signal a broader vision for transforming India’s payments ecosystem and leveraging CBDC for targeted, transparent, and efficient financial inclusion.
