Finance Minister Nirmala Sitharaman called Friday for India's central bank to expand use of its digital rupee across both wholesale and retail sectors.
Sitharaman's statement signals the government's commitment to advancing the Reserve Bank of India's central bank digital currency (CBDC) initiative. The RBI has been developing two versions of the digital rupee: one for wholesale transactions between financial institutions and another for retail use by consumers and businesses.
The push for greater adoption comes as CBDCs gain traction globally. Digital rupees would operate on blockchain technology, enabling faster settlements and potentially reducing transaction costs. The retail version could complement existing payment systems, while the wholesale version aims to streamline interbank transfers.
India's CBDC rollout began in 2022 with pilot programs. Expanding adoption would require cooperation from banks, businesses, and the public to integrate digital rupees into everyday transactions. The finance minister's call reflects efforts to modernize India's financial infrastructure and position the country as a leader in digital currency innovation.
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