RBI Monetary Policy: Central Bank Plans To Make UPI QR Codes Interoperable With E-Rupee
RBI is targeting 1 million users by the end of June for the e-Rupee, India's central bank digital currency.
The Reserve Bank of India plans to make UPI QR codes interoperable with those for India's sovereign digital currency, or the E-Rupee.
"We are planning to make the UPI QR code interoperable [with the E-Rupee]," RBI Deputy Governor T Rabi Sankar said in a post policy press conference. The E-Rupee is India's central bank digital currency.
While the central bank is not working with a specific date in mind for a public rollout of the retail digital currency, the aim is to have 1 million users for the digital currency by the end of June, Rabi Sankar said.
India began its pilot for the retail CBDC in December 2022. On Tuesday, RBI had said that it expanding the scope of the Central Bank Digital Currency pilot is being expanded gradually to include more banks and locations.