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 <p class="is-style-lead">The Reserve Bank of India is said to be working with local banks to link the digital version of e-rupee with the country’s national payments system.</p> 
 <p>India’s central bank, the Reserve Bank of India (RBI), is reportedly collaborating with local financial institutions to make its central bank digital currency (CBDC) also known as e-rupee, more interoperable, Reuters has learned, citing sources familiar with the matter.</p> 
 <p>According to the report, the RBI wants to boost the usage of CBDC as the current <a rel="noopener noreferrer nofollow" title="retail" href="https://thebittimes.com/tag/retail.html">retail</a> <a rel="noopener noreferrer nofollow" title="activity" href="https://thebittimes.com/tag/activity.html">activity</a> with the digital currency reportedly remains way below the target set for 2023 (18,000 operations a day vs. 1 million expected).</p> 
 <p>Sources close to the matter said the central bank is trying to find a way to enable offline e-rupee transactions and link the digital currency to the Unified Payments Interface (UPI), India’s national real-time payments system. The report says the RBI and the local banks are exploring a payment option which would make the e-rupee interoperable with UPI with the help of a QR code.</p> 
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 <p>However, not everyone believes that this move would bring adoption to India’s digital currency. Sharat Chandra, co-founder of India Blockchain Forum, said that integrating the e-rupee into UPI would remove friction. Yet, the new <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> “will not drive adoption unless CBDC payments are incentivized,” Chandra added.</p> 
 <p>Sources also revealed that at least one Indian private lender, HDFC Bank, is collaborating with a tech firm IDEMIA on a version of offline CBDC for <a rel="noopener noreferrer nofollow" title="feature" href="https://thebittimes.com/tag/feature.html">feature</a> phones. No details on the project have been released, though. Reuters notes that India’s central bank is still experimenting with the new <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a>, and no final decision has been made.</p> 
 <p>In May 2023, the RBI released an annual report for 2022-23 in which it praised the results of multiple e-rupee pilots. Although there are various pilots and experiments around the CBDC, the e-rupee regulation will be the same: the RBI will control the issuance of the currency and redemption process. At the same time, the participating banks will manage distribution and payment services.</p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/india-explores-new-features-for-cbdc-amid-weak-retail-activity-tbt62270.html">https://thebittimes.com/india-explores-new-features-for-cbdc-amid-weak-retail-activity-tbt62270.html</a></p>

India explores new features for CBDC amid weak retail activity

TheBitTimes

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