Digital rupee
The Digital Rupee (e₹) or eINR or E-Rupee is a tokenised digital version of the Indian Rupee, issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). The Digital Rupee was proposed in January 2017 and launched on 1 December 2022. Digital Rupee is using blockchain distributed-ledger technology.
| Logo of Digital Rupee Digital Banknotes and Coins | |
| ISO 4217 | |
|---|---|
| Code | INR (numeric: 356) |
| Subunit | 0.01 |
| Unit | |
| Unit | Rupee |
| Symbol | e₹ |
| Denominations | |
| Subunit | |
| 1⁄100 | paisa |
| Symbol | |
| paisa | |
| Banknotes | |
| Freq. used | e₹2, e₹5, e₹10, e₹20, e₹50, e₹100, e₹200, e₹500, e₹2,000 |
| Coins | |
| Freq. used | 50e, e₹1 |
| Demographics | |
| Date of introduction |
|
| User(s) | India |
| Issuance | |
| Central bank | Reserve Bank of India |
| Website | www |
| Printer |
|
| Website | |
| Valuation | |
| Inflation | 5.02% (October 2023) |
| Source | RBI – Annual Inflation Report |
| Method | Consumer price index (India) |
| Pegged with | Indian Rupee (at par) |
| Value | USD $1 = e₹83.23 EUR €1 = e₹90.22 INR ₹1 = e₹1.00 CNY ¥1 = e₹11.78 (16 November 2023) |
Like banknotes it will be uniquely identifiable and regulated by Central Bank. Liability lies with RBI. Plans include online and offline accessibility. RBI launched Digital Rupee for Wholesale (e₹-W) catering to financial institutions for interbank settlements and Digital Rupee for Retail (e₹-R) for consumer and business transactions. The implementation of the Digital Rupee aims to remove the security printing cost borne by the general public, businesses, banks, and RBI on physical currency which amounted to ₹49,848,000,000. [4984.8 X1,00,00,000 = ~5000 Crores]