At a press conference on Wednesday, the Reserve Bank of India (RBI) said that the number of transactions using its retail central bank digital currency (CBDC) had reached 770,000 since the pilot started at the end of November 2022.
RBI Deputy Governor T Rabi Sankar said that the digital rupee volumes are small because most transactions are very low value. So far, there are 50,000 end users and 5,000 merchants involved. Eight banks are participating across five cities, with five more banks onboarding and another nine cities planned.
“We want the process to happen gradually and slowly. We are in no hurry,” said Rabi Sankar. “We don’t want to do something without understanding what the possible impact is and (how) that impact can be managed.”
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