CBDC in circulation surged to ₹1,016 crore

According to the RBI, the value of CBDC in circulation surged to ₹1,016 crore as of March 2025, up from ₹234 crore a year earlier.

CBDC or e₹ Pilot and Use Cases:

• Launched in November 2022 with a wholesale pilot, followed by a retail pilot.
• Initial use cases:
  • Person-to-Person (P2P)
  • Person-to-Merchant (P2M)
• In FY 2024–25, features expanded to include:
  • Offline functionality
  • Programmability

Programmability Use Cases:

• Direct benefit transfers (DBTs) to farmers in exchange for carbon credits.
• Loans to tenant farmers under the Kisan Credit Card (KCC) in selected areas.
• Example: Odisha disbursed e₹ payments to 88,000 beneficiaries under Subhadra Yojana.

Cross-Border and International Collaboration:

• RBI is exploring cross-border CBDC payment pilots.
• Considering participation in multilateral CBDC initiatives under the Bank for International Settlements (BIS) Innovation Hub.

CBDC Wallets and Access:

• To broaden adoption and distribution, certain non-bank entities have been allowed to offer CBDC wallets.
• e₹ wallets (offered by banks and non-banks) enable:
  • Storing digital rupee
  • P2P and P2M transactions

What is e₹?

• The digital form of the Indian Rupee, issued by the RBI.
• Offers:
  • Convenience like cash
  • Sovereign guarantee by RBI
  • Finality of settlement
• Can be used to send, receive, or make payments just like physical currency.