RBI Report
E-rupee circulation jumps 4-fold in FY25, no volume in wholesale
This story was originally published at 19:45 IST on 29 May 2025
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NEW DELHI - The circulation of e-rupee jumped 334% in the financial year ended Mar. 31, driven entirely by the retail segment, data from the Reserve Bank of India's Annual Report for FY25 showed.
Retail e-rupee worth INR 10.17 billion was in circulation at the end of March, four times higher than INR 2.34 billion a year ago. Of the INR 10.17 billion in circulation, INR 8.58 billion was in the denomination of 500.
There was no wholesale e-rupee in circulation at the end of March, compared to around 800,000 a year ago. INR 107 million worth of wholesale e-rupee was in circulation at the end of FY23.
The Central Bank Digital Currency was launched in 2022 with pilots for both wholesale and retail segments. As of Mar. 31, e-rupee retail pilot included 17 banks and six million users.
"To further enhance adoption and improve distribution, certain non-banks have been allowed to offer CBDC (central bank digital currency) wallets," the RBI said. The scope of wholesale e-rupee was also expanded with the addition of four standalone primary dealers.
The RBI will expand the scope and coverage of ongoing pilots in e-rupee by introducing new use cases and features, the central bank said. "Moreover, the Reserve Bank is exploring commencement of CBDC pilots on cross-border payments both on bilateral and multilateral basis to overcome key challenges related to turnaround time, efficiency and transparency." End
Reported by Shubham Rana
Edited by Vandana Hingorani
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