The Reserve Bank of India (RBI) Deputy Governor, T Ravi Shankar, revealed on Wednesday the central bank’s goal of reaching one million e-Rupee transactions per day by the end of 2023.
Currently, the daily number of e-Rupee transactions ranges from 5,000 to 10,000.
CBDC Inter-operability with UPI System to Become a Reality
In an important development, Deputy Governor T Ravi Shankar announced that the inter-operability of the Central Bank Digital Currency (CBDC) with the Unified Payments Interface (UPI) system,
as declared in the June 2023 Monetary Policy Review, will be implemented by the end of July.
Unified Payments Interface Witnesses 31 Crore Transactions
Highlighting the popularity of the Unified Payments Interface (UPI), Deputy Governor T Ravi Shankar stated that currently, 31 crore transactions take place under this system.
Increasing User Base for CBDC
The RBI is dedicated to expanding the user base of the Central Bank Digital Currency (CBDC).
Starting with just one lakh users at the end of April, the number has now grown to 13 lakhs, with efforts focused on attracting more users.