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The RBI is exploring the graduation of CBDC pilots on cross-border funds, it mentioned within the annual report with out giving a timeline.
The worth of central financial institution digital foreign money (CBDC) or e-rupee in circulation has surged to Rs 1,016 crore on the finish of March 2025, the Reserve Bank mentioned on Thursday. According to the central financial institution, it was Rs 234 crore within the year-ago interval. In its annual report, the RBI mentioned it’s exploring the graduation of CBDC pilots on cross-border funds. However, it has not talked about any timeline.
CBDC launched in November 2022
The CBDC was first launched in November 2022 initially with a wholesale pilot, which was adopted up with a retail one as properly.Simplifying cross-border funds was one of many acknowledged benefits of the CBDC, which needed to be launched in face of the problem to the foreign money system from non-fiat digital currencies like Bitcoins.
“…the Reserve Bank is exploring commencement of CBDC pilots on cross-border payments both on bilateral and multilateral basis to overcome key challenges related to turnaround time, efficiency and transparency,” it mentioned.
Bilateral cross-border CBDC pilots with choose international locations are being “actively explored”, and progress has been made in finalisation of roadmap, technical points and use instances, the report mentioned.
The Reserve Bank’s participation in multilateral CBDC initiatives, significantly underneath the Bank for International Settlements (BIS) Innovation Hub, can be being thought of, as per the report.
The central financial institution additionally goals to additional increase the scope and protection of ongoing pilots in e-rupee-Retail and e-rupee-Wholesale by introducing new use instances and options and likewise enhance the technological points of the account aggregator framework to reinforce transparency, buyer comfort and effectivity, it mentioned.
A bulk of Rs 857 crore of the e-rupee in circulation is in Rs 500 denomination, the annual report mentioned, including Rs 200 (Rs 91 crore in circulation) and Rs 100 (Rs 38 crore in circulation) denominations even have sizeable presence.
Starting with the preliminary use instances of person-to-person (P2P) and person-to-merchant (P2M), the Reserve Bank expanded the central financial institution digital foreign money (CBDC)-Retail (e-rupee-R) pilot to incorporate offline and programmability options in FY25, the annual report mentioned.
As at end-March 2025, the e-rupee retail pilot was expanded to 17 banks and 60 lakh customers.
To additional improve adoption and enhance distribution, sure non-banks have been allowed to supply CBDC wallets.
With PTI inputs
