Digital Rupee Circulation (e₹-R): Retail and Wholesale is Rs. 4.14 crore and Rs. 126.27 crore respectively

As on February 28, 2023, the total digital Rupee - Retail (e₹-R) and digital Rupee - Wholesale (e₹-W) in circulation is Rs.4.14 crore and Rs.126.27 crore respectively.

Digital Rupee

Reetu | Mar 15, 2023 |

Digital Rupee Circulation (e₹-R): Retail and Wholesale is Rs. 4.14 crore and Rs. 126.27 crore respectively

Digital Rupee Circulation (e₹-R): Retail and Wholesale is Rs. 4.14 crore and Rs. 126.27 crore respectively

The Minister of Finance, Smt. Nirmala Sitharaman in a written reply in Lok Sabha Stated, “The Reserve Bank of India (RBI) has launched pilots in Digital Rupee in the Wholesale segment (e₹-W) on November 1, 2022 and in the Retail segment (e₹-R) on December 1,2022. The e₹-R is in the form of a digital token that represents legal tender. It is being issued in the same denominations that paper currency and coins are currently issued. It is being distributed through financial intermediaries, i.e., banks. Users can transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones / devices. The e₹-R offers features of physical cash like trust, safety and settlement finality. As in the case of cash, it does not earn any interest and can be converted to other forms of money, like deposits with banks.”

As on February 28, 2023, the total digital Rupee – Retail (e₹-R) and digital Rupee – Wholesale (e₹-W) in circulation is Rs.4.14 crore and Rs.126.27 crore respectively.

Nine banks, viz., State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC have been participating in the Digital Rupee wholesale pilot.

The e₹ pilot for retail segment was launched on December 1, 2022 in 5 select locations in Closed User Group for making Person to Person (P2P) and Person to Merchant (P2M) transactions. The on-boarded merchants comprise various segments like tea vendors, fruit sellers, street side and sidewalk vendors (including migrant fruit vendors selling on the pavement opposite the RBI’s headquarter, Mumbai), small shopkeepers etc. Further, institutional merchants like retail chains, petrol pumps etc. have also been on-boarded to enable transactions in Digital Rupee across various outlets. Few online merchants have also been enabled to accept Digital Rupee for the convenience of users. In the approximately three months of the pilot, the total digital Rupee – Retail (e₹-R) in circulation in the select locations is Rs.4.14 crore.

Various use cases, technological architecture and design features are being tested during the pilot. Awareness with regard to features of digital rupee is being spread among public through media campaigns and various events held by RBI. Further steps, including expansion of use case, have to be through a phased implementation strategy on the basis of feedback received during the pilots.

StudyCafe Membership

Join StudyCafe Membership. For More details about Membership Click Join Membership Button
Join Membership

In case of any Doubt regarding Membership you can mail us at [email protected]

Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"




Author Bio
My Recent Articles
CREDAI urges FM to reconsider 18% GST on FSI GST Council proposes Exemption of Tax on Third-Party Motor Premiums under MVA Fund GSTN Advisory on Entry of Receipt Numbers Pertaining to Leased Wagons in the E-Way Bill System GST hike on Used Cars Sale will shift Transactions to informal channels Bombay High Court directs CBDT to extend the ITR deadline for Select TaxpayersView All Posts