As private cryptocurrencies spread, central banks worldwide began building their own digital money. The RBI proposed a Digital Rupee and, in late 2022, launched pilots — a wholesale version for banks (November) and a retail version for the public (December).
Digital Rupee · CBDC
Digital Rupee · CBDC
The Digital Rupee (e-rupee) is the Reserve Bank of India's central bank digital currency — sovereign money in digital form, a direct claim on the RBI. Retail and wholesale pilots began in late 2022. The counter shows retail e-rupee users growing toward roughly 60 lakh (illustrative).
Dec 2022
e-rupee pilot launched
~60 lakh
Retail users (2025)
Offline
Works phone-to-phone
e-rupee users (2025)
| Year | Retail e-rupee users |
|---|---|
| 2022 | 1 lakh |
| 2023 | 10 lakh |
| 2024 | 40 lakh |
| 2025 | 60 lakh |
| 2026 | 65 lakh |
2022
0lakh
Retail e-rupee users
20222026
Since 2022
Added
+64 lakh
2022
1 lakh
2026
65 lakh
Why it matters Unlike UPI, which moves your bank deposit, the e-rupee IS money — like a digital banknote that can work offline and be 'programmed' for a specific use. It could cut cash-handling costs, speed settlements, and enable targeted welfare that can only be spent as intended.
- The RBI launched the Digital Rupee pilots (wholesale and retail) in late 2022.
- The retail e-rupee reached roughly 60 lakh users across several banks and cities by 2025.
- Programmable, welfare-linked e-rupee pilots (e.g. for subsidies) ran in 2025-26.
- Usage is still modest next to UPI, which handles hundreds of billions of transactions a year.
History
Notable milestone
The retail e-rupee grew to roughly 60 lakh users across several banks and cities by 2025. In 2025-26 the RBI began programmable, welfare-linked pilots — e-rupee that can be restricted to a purpose, like a specific subsidy or benefit.
How it works
The e-rupee is a digital token issued by the RBI in the same denominations as notes and coins, held in a bank-provided wallet. Unlike a UPI transfer — which moves your bank deposit — paying in e-rupee transfers central-bank money directly, and can even work offline, phone-to-phone.
Outlook
A retail CBDC could cut the cost of printing and handling cash, speed up settlements, and reach areas with patchy internet through offline payments. Programmability could make welfare 'leak-proof' — money that can only be spent on what it was meant for.
The road ahead
The challenge is a real reason to use it: UPI already makes digital payments instant and free, so the e-rupee's edge lies in offline use and programmable money, not everyday convenience. Adoption is still small, and privacy — how much the central bank can see — is a genuine debate India is working through.
By the numbers
Dec 2022 — retail e-rupee pilot launched (wholesale from Nov 2022). ~60 lakh retail users by 2025. Programmable welfare pilots in 2025-26. Works offline, phone-to-phone. Sources: Reserve Bank of India, PIB.
Source: Reserve Bank of India — retail e-rupee pilot, 2022→2026. User curve illustrative.