E-Rupee to be piloted by 5 more banks in 9 more cities soon

 

Mumbai:  Five more banks will join the pilot on the central bank digital currency or e-rupee for retail customers and the project will be extended to nine additional cities, the Reserve Bank said on Wednesday.

The Reserve Bank, which began piloting the central bank digital currency or e-rupee for retail customers in early December with eight banks in five cities, stressed that it does not want to rush with it but favours a slow and steady adoption.

The retail CBDC is available for only 50,000 users now and of them 5,000 are merchants. The service is being offered on invitation basis by eight banks across five cities now, deputy governor T Rabi Sankar told reporters on Wednesday at the customary post-policy presser.