Sitharaman urges RBI to accelerate digital rupee rollout

Finance Minister Nirmala Sitharaman has pressed the Reserve Bank of India to sharpen its capabilities in developing and deploying the digital rupee across both wholesale and retail segments, signalling the government's commitment to advancing India's CBDC infrastructure.

The directive underscores the administration's focus on modernising the country's monetary systems and payment infrastructure. Wholesale CBDCs are primarily used for large inter-bank transactions and settlement, while retail CBDCs are designed for use by the general public and businesses in everyday transactions.

India has made measured progress on its digital rupee initiative, with the RBI conducting pilot programmes for both e-rupee variants. The wholesale digital rupee, known as the e-Rupee (wholesale), has been tested in specific markets, while the retail version, e-Rupee (retail), has undergone limited trials across select banks and cities.

Sitharaman's push reflects broader policy momentum to position India competitively in the global CBDC race, where multiple central banks are developing or testing digital currencies. The strengthened focus on capability advancement suggests the government views digital rupee deployment as integral to India's financial infrastructure modernisation and digital economy objectives.

The RBI is expected to continue its phased approach to CBDC implementation, with ongoing technical development and pilot expansion planned for both segments.