Digital rupee (e₹) by Reserve Bank of India: status and timeline

Milestones

Next · Bilateral cross-border CBDC pilots

Wholesale pilot for government bond settlement1 Nov 2022Complete.
Retail pilot starts in four cities1 Dec 2022Complete.
One million retail transactions in a day27 Dec 2023Complete.
Offline payments announced8 Feb 2024Complete.
Programmable uses expanded (fuel, food, travel…)30 Aug 2024Complete.
17 banks and ~6M users in retail pilotMar 2025Complete.
Programmable food subsidies in three regions2026Complete.
Bilateral cross-border CBDC pilotsTarget 2027Not yet reached.

Most important updates

Upcoming

2027Bilateral cross-border CBDC pilots (next)

Current obstacles

Falling usageCirculation dropped 24% in FY 2025-26, suggesting early incentives that drove pilot numbers are fading.
Competing with UPIMost Indians already pay instantly through UPI bank transfers, so e₹ needs distinct uses to win adoption.

Physics limits

Offline cash needs trusted hardwarePaying without a network means the device itself must stop double-spending, which relies on secure chips and caps on offline amounts.
Privacy versus oversightDigital central-bank money can record every payment; giving cash-like privacy while meeting anti-money-laundering rules is a design trade-off.

How it works

4 parts

Issue

Central-bank money in digital form

The RBI creates e₹ as a direct liability, like a banknote; banks pass it to customers' e₹ wallets.

Pay

Wallets and QR codes

Users pay people or shops from bank e₹ apps, many of which also scan UPI QR codes merchants already display.

Program

Conditions attached to money

A government can send subsidies that can only be spent on eligible goods at approved shops, within set dates or areas.

Offline

Tap-to-pay without signal

NFC-based offline modes let payments go through in hilly or rural areas and are being tested on feature phones.

Spec sheet

Spec	Digital rupee (e₹)
e₹ in circulation (31 Mar 2026)	₹771.7 crore^R (reported)
Retail pilot users (Mar 2025)	~6 million^R (reported)
Retail pilot banks (Mar 2025)	17^R (reported)
Wholesale e₹ outstanding (Mar 2026)	Nil^R (reported)

^R reported by the company

Update log

2 updates

Fri 29 May

Major: Digital rupee in circulation falls 24% to ₹771.7 crore even as RBI expands programmable and cross-border pilotsPressRegulatory

May 2025

Minor: RBI annual report: e₹ circulation passes ₹1,016 crore with 17 banks and about 6 million retail usersPressRegulatory

About Reserve Bank of India

The team behind Digital rupee (e₹)

Reserve Bank of India

Digital rupee (e₹) CBDC pilots

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.

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.

rbi.org.in (opens rbi.org.in)Company profile →

Headquarters: India
Status: Government
Valuation: government
Works in: CryptoBank & central-bank money
Coverage: 1 program · 2 updateslatest 29 May 2026checked 11 Oct
Partners: Monetary Authority of Singapore (opens businessupturn.com)BIS Innovation Hub