RBI’s e₹: Everything About India’s Digital Currency and How to Use It

The Reserve Bank of India (RBI) introduced the Central Bank Digital Currency (CBDC) in 2022, launching India’s digital cash, the Digital Rupee (e₹). The e₹ is a fully regulated digital version of physical currency issued by the RBI.

Since its launch, the RBI has been actively experimenting with the retail e₹ through several pilot programs. Recently, the central bank conducted a pilot for deposit tokenisation, aimed at facilitating bank-to-bank transactions in a secure and efficient manner.

Individuals can use the e₹ for person-to-person (P2P) or person-to-merchant (P2M) transactions. During the pilot phase, adoption among merchants has been limited, but the system is expanding steadily. To use the e₹, you simply need to download the official wallet app, register, and transact with others who are using it.

How to Use the Digital Rupee (e₹)?

Yes, you can start using e₹ today. The process is simple:

1. Download an e₹ wallet app from a participating bank (available on Google Play Store or Apple App Store).
2. Register on the app and accept the terms and conditions.
3. Set up a secure PIN for your wallet.
4. Load funds into your e₹ wallet from your linked bank account.
5. Send money using the recipient’s phone number or by scanning their QR code.

You can also receive money via your own QR code or phone number. Keep in mind that you can only transact with people or merchants who have enabled and registered for the e₹.

Using the Digital Rupee (e₹) is completely free, just like using physical cash. There are no transaction fees, no minimum balance requirements, and you won’t be charged for inactivity after registering. Merchants can also accept e₹ as a payment method at no cost, making it a convenient and cost-effective option for everyone.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.