The brief

Analyst view

• e₹ in circulation fell 24% to ₹771.7 crore (Mar 2026) as the pilot shifted from volume to use cases.
• Food subsidies paid as programmable e₹ in Gujarat, Puducherry and Chandigarh (2025-26).
• Plans bilateral cross-border CBDC pilots in 2026-27, incl. talks with Singapore and the UAE.

Technical approach

As reported

Two tiers

Central bank issues, banks distribute

The RBI issues e₹; pilot banks give users wallets and handle payments, as with physical cash.

Programmable

Money with conditions

Agencies can limit e₹ to specific uses, periods or places, e.g. food subsidies spendable only at ration shops.

Offline

Payments without a network

Tap-to-pay offline modes are tested for areas with weak connectivity, including feature phones.