Digital rupee

Digital Rupee (e₹)

Logo of Digital Rupee
Digital Banknotes and Coins
Digital Banknotes and Coins
ISO 4217
CodeINR (numeric: 356)
Subunit0.01
Unit
UnitRupee
Symbole₹‎
Denominations
Subunit
 1⁄100paisa
Symbol
 paisa
Banknotes
 Freq. usede₹2, e₹5, e₹10, e₹20, e₹50, e₹100, e₹200, e₹500, e₹2,000
Coins
 Freq. used50e, e₹1
Demographics
Date of introduction
  • e₹-W: 1 November 2022; 2 years ago (1 November 2022) (pilot test)[1]
  • e₹-R: 1 December 2022; 23 months ago (1 December 2022) (pilot test)[2]
User(s) India
Issuance
Central bankReserve Bank of India
 Websitewww.rbi.org.in
Printer
 Website
Valuation
InflationDecrease 5.02% (October 2023)[4]
 SourceRBI – Annual Inflation Report
 MethodConsumer price index (India)[5]
Pegged with Indian Rupee (at par)
ValueUSD $1 = e₹83.23
EUR €1 = e₹90.22
INR ₹1 = e₹1.00
CNY ¥1 = e₹11.78
(16 November 2023)

The Digital Rupee (e₹)[6] or eINR or E-Rupee is a tokenised digital version of the Indian Rupee, issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC).[7] The Digital Rupee was proposed in January 2017 and launched on 1 December 2022.[8] Digital Rupee is using blockchain distributed-ledger technology.[9]

Like banknotes it will be uniquely identifiable and regulated by Central Bank. Liability lies with RBI. Plans include online and offline accessibility.[10] RBI launched Digital Rupee for Wholesale (e₹-W) catering to financial institutions for interbank settlements and Digital Rupee for Retail (e₹-R) for consumer and business transactions.[8] The implementation of the Digital Rupee aims to remove the security printing cost borne by the general public, businesses, banks, and RBI on physical currency which amounted to ₹49,848,000,000.[11] [4984.8 X1,00,00,000 = ~5000 Crores]

  1. ^ Suvarna, Manish M. (9 November 2022). "G-sec transactions using digital rupee recorded highest volume since inception on November 7". Moneycontrol. Retrieved 8 December 2022.
  2. ^ Ray, Anulekha (6 December 2022). "RBI retail digital rupee pilot starts: Who can use e-Rupee?". The Economic Times. Retrieved 8 December 2022.
  3. ^ Mishra, Ankur (1 February 2022). "Budget 2022: Digital Rupee to be issued by RBI in FY23". TimesNow. Retrieved 15 December 2022.
  4. ^ "Instant View: India's retail inflation eases to 5.02% in September". Reuters. 12 October 2023. Archived from the original on 12 October 2023. Retrieved 12 October 2023.
  5. ^ "Annual Report : Inflation, Money and Credit". Reserve Bank of India. 27 May 2021. Retrieved 6 November 2022.
  6. ^ Cite error: The named reference :0 was invoked but never defined (see the help page).
  7. ^ "The e₹ is on the way as RBI gears up for a pilot launch of its own digital currency". Moneycontrol. 10 October 2022. Retrieved 3 November 2022.
  8. ^ a b Delhi, PIB (12 December 2022). "PIB press release". pib. Retrieved 31 July 2023.
  9. ^ Anand, Nupur (7 December 2022). "India cenbank says digital currency transactions to stay largely anonymous". Reuters. Retrieved 5 January 2023.
  10. ^ Bhardwaj, Shashank. "India's Central Bank Plans Graded Implementation Of CBDC". Forbes India. Retrieved 3 November 2022.
  11. ^ Kaushal, Teena Jain (1 November 2022). "RBI's Digital Rupee pilot launch today: Here are 10 things to know". Business Today. Retrieved 4 November 2022.