India’s CBDC Transactions Surpass 150 Million, Total Value Above ₹34,000 Crore!

India’s Central Bank Digital Currency (CBDC) has recorded more than 150 million transactions, with the total value crossing ₹34,000 crore, as per data shared by the Reserve Bank of India.  

The figures were disclosed by Deputy Governor T Rabi Sankar after the recent monetary policy review. The numbers point to a steady increase in usage as the pilot programme continues to expand across participating institutions. 

Rollout Remains in Testing Phase 

The CBDC initiative was introduced through a wholesale pilot in November 2022, followed by a retail pilot in December 2022. Since then, more banks and users have been brought into the system. 

The rollout is still limited in scope, with the central bank continuing to test operational aspects before considering wider deployment. 

Focus on System Features 

Work is ongoing to build features such as programmability, which allows payments to be made for specific purposes under defined conditions. This remains one of the key areas under development. 

In addition, offline functionality is being tested to enable transactions in areas with limited internet access. 

Measured Approach to Expansion 

The central bank has indicated that it is not moving towards a full-scale launch at present. Transaction volumes are rising gradually, but expansion is being aligned with system readiness. 

Reports have also pointed to the importance of cross-border use cases, where CBDC may have wider application once supporting frameworks are in place. 

Fintech Oversight Plans 

Separately, the RBI is considering a self-regulatory organisation (SRO)-based approach for the technology and fintech sector. This is intended to allow coordination among stakeholders as the space evolves. 

The central bank is also exploring the idea of an artificial intelligence sandbox using curated datasets for testing purposes, given the absence of a formal regulatory structure. 

Read More: RBI Cancels Registration of 16 NBFCs After Surrender of Licence! 

Conclusion 

CBDC activity in India continues to grow within a controlled framework. Further expansion is expected to depend on technological readiness, tested use cases, and broader system alignment. 

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