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RBI Aims For 1 Million CBDC Users by Month End

To encourage a cashless economy, The Reserve Bank of India has come up with an ambitious plan of achieving a target of 1 million CBDC users by the end of June. The higher officials of the RBI including the Deputy Governor, T Rabi Sankar  announced this plan. Also the RBI plans to make the QR code interoperable with the Unified Payments Gateway (UPI) technology.

RBI Collaborating with Various Stakeholders

The CBDC of India is known as the e-rupee which aims to provide a seamless transaction for businesses and people and also it helps in promoting financial inclusion. When Sankar was asked about the large scale launch of the CBDC, he said that they do not have any fixed date in their mind as they plan to implement the launch of the e-rupee gradually.

The RBI had also released the annual report for the year 2022-23. There the bank has clearly mentioned its plans for the expansion of the digital rupee to more locations in the financial year 2024.  To achieve this target, RBI is striving hard by collaborating with various stakeholders like banks and payments service providers. They aim to make an ecosystem which is reliable, safe and also efficient.

Awareness Programmes also a Part of the Plan

The RBI also has awareness programs as part of it’s CBDC plan. The bank has come forward with to raise awareness by organising various campaigns to ensure thet a layer of trust is built among people and entities who want to implement the digital rupee as part of their payments plan.  If the digital rupee gains 1 million users by the month wnd, it will push India among the top places in line with many major countries like the United States, China, United Kingdom and Sweden who have been actively encouraging the use of CBDCs.