Reserve Bank of India’s CBDC enhancements aim to boost adoption
The Reserve Bank of India is planning upgrades for its digital rupee to encourage wider adoption, including offline payments and integration with Unified Payments Interface.
The Reserve Bank of India is planning upgrades for its digital rupee to encourage wider adoption, including offline payments and integration with Unified Payments Interface.
YES Bank's UPI integration with RBI's CBDC app advances digital rupee adoption, offering seamless transactions, expanding reach, and setting the stage for further banking transformation.
The National Payments Corporation of India (NPCI) is hiring a Head of Blockchain with blockchain expertise to enhance payments through blockchain technology.
Reliance's Jio Financial Services to enter digital rupee space with blockchain and CBDCs ahead of India's CBDC launch.
HDFC, India's largest private sector bank, has also onboarded 170,000 merchants as India seeks to hit a million daily transactions by December.
The Reserve Bank of India is keen on experimenting with multiple CBDC use cases outside the purview of domestic payments, according to the Economic Times.
To prevent shocking its financial system, the central bank says it will take a "calibrated approach" in launching the digital rupee, adding that it would explore more features to onboard more users.
Rabi Sankar, deputy governor of the Reserve Bank of India, said the ideal way out of the digital currency dilemma is the rapid development and adoption of CBDCs.
India and Russia should take the lead in forming a financial relationship to ultimately create a new common currency, according to State Duma Deputy Chairman Alexander Babakov.
Reserve Bank of India Executive Director Ajay Kumar Choudhary said that since the CBDC will have all features of physical fiat currencies, it must also be used for offline payments.
RBI's Deputy Governor Rabi Sankar assured that existing payment services in India will remain and that exploring use cases of digital rupees is intended to revitalize the payments sector.
India’s digital rupee pilot already had over 50,000 users and 5,000 merchants, but despite the impressive numbers, the Reserve Bank of India noted that it would continue to approach a full-scale launch with caution.