Reserve Bank targets 1 million active e-rupee customers by end of June

Now, with the default loss guarantee arrangements in digital lending, it will facilitate the orderly development of the digital lending ecosystem and enhance credit penetration in the economy.  
Image used for representational purpose only. (Sourav Roy, Express Illustrations)
Image used for representational purpose only. (Sourav Roy, Express Illustrations)
Updated on
2 min read

BENGALURU:  The Reserve Bank of India (RBI) is planning to have one million customers active on central bank digital currency (CBDC) or e-rupee by the end of this month. Responding to a media query on the likely launch of CBDC, RBI Deputy Governor T Rabi Sankar said that though there is no specific day for its launch, the Central Bank has plans to have 1 million customers by the end of June. 

The RBI launched the pilot for retail digital rupee on December 1. The deputy governor, while addressing the media after the RBI’s monetary policy announcement on Thursday, said that the central bank plans to make CBDC QR codes interoperable with the popular UPI.

The RBI also announced that it will now permit banks to issue RuPay Prepaid Forex cards as this will expand the payment options for Indians travelling abroad. Also, the central bank has allowed non-bank prepaid payment instruments (PPI) issuers to issue e-RUPI vouchers.

Announcing the decisions of the Monetary Policy Committee (MPC), RBI Governor Shaktikanta Das said, “RuPay cards will be enabled for issuance in foreign jurisdictions. These measures will expand the reach and acceptance of RuPay cards globally.”

With an aim to expand the scope and reach of e-RUPI vouchers, the central bank permits non-bank prepaid payment instruments (PPI) issuers to issue e-RUPI vouchers and also enables the issuance of e-RUPI vouchers on behalf of individuals. Rajsri Rengan, India Head of Development, Banking and Payments, at FIS, said the expansion of e-RUPI vouchers, with the inclusion of non-bank PPI issuers and individual issuance, signifies a major stride towards promoting financial inclusivity and accessibility.

Last year, the central bank had issued the regulatory framework for Digital Lending. Now, the RBI, has decided to issue guidelines on Default Loss Guarantee arrangements in digital lending.  Now, with the default loss guarantee arrangements in digital lending, it will facilitate the orderly development of the digital lending ecosystem and enhance credit penetration in the economy.  

The RBI governor also announced streamlining the Bharat Bill Payment System (BBPS) Processes and Membership Criteria. BBPS has been operational since August 2017, and the scope of BBPS was further expanded in December 2022. Rahul Jain, CFO, NTT DATA Payment Services India said the proposal to streamline the transaction process and membership criteria for operating units is a significant development which will elevate India’s payment ecosystem.

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