# Reserve Bank of India

Canonical page: https://technooptimist.io/companies/reserve-bank-of-india
India's central bank. Since late 2022 it has piloted the digital rupee (e₹), a central-bank digital currency held in bank-issued wallets, now testing offline payments, programmable subsidies and cross-border use.

## In brief

- 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.

## Facts

- Headquarters: IN
- Status: government
- Website: https://www.rbi.org.in
- Frontiers: [Crypto](https://technooptimist.io/crypto.md) (Bank & central-bank money)

## Programs

- [Digital rupee (e₹)](https://technooptimist.io/crypto/e-rupee.md) (Crypto): Pilot; next: Bilateral cross-border CBDC pilots (2027). Pilot since 2022; ₹771.7 crore in circulation (Mar 2026, -24%); programmable subsidies and offline tests.

## Technical approach

- **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.

## Open problems

- **Why use e₹ when UPI works?** (open): e₹ has to offer something that instant UPI bank transfers do not, such as offline payments or programmable money.

## Latest updates

- **29 May 2026**: Digital rupee in circulation falls 24% to ₹771.7 crore even as RBI expands programmable and cross-border pilots. The RBI's 2025-26 annual report shows e₹ in circulation at ₹771.7 crore on March 31, 2026, down from ₹1,016.5 crore a year earlier. ([our story](https://technooptimist.io/stories/digital-rupee-in-circulation-falls-24-to-771-7-crore-even-as-rbi-6d87b66d.md) · [original source](https://www.businessupturn.com/sectors/banking/digital-rupee-in-circulation-falls-24-to-rs-771-7-crore-even-as-rbi-expands-cbdc-pilots))
- **May 2025**: RBI annual report: e₹ circulation passes ₹1,016 crore with 17 banks and about 6 million retail users. The RBI's 2024-25 annual report showed digital-rupee circulation at about ₹1,016.5 crore, up from ₹16.4 crore in 2023. ([our story](https://technooptimist.io/stories/rbi-annual-report-e-circulation-passes-1-016-crore-with-17-banks-and-aee5afef.md) · [original source](https://www.medianama.com/2025/05/223-fintech-highlights-rbi-annual-report-2025/))

## Partners, customers and investors

- Monetary Authority of Singapore (partner): MoU on digital assets; talks on a cross-border CBDC pilot.
- BIS Innovation Hub (partner): India joined Project Rialto and phase 2 of Project Mandala on cross-border payments.

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