Reserve Bank of India’s e-Rupi testing offline function

It is reported that Ajay Kumar Choudhary, Executive Director of the Reserve Bank of India (RBI), revealed that India\’s recently launched internal central bank …

Reserve Bank of Indias e-Rupi testing offline function

It is reported that Ajay Kumar Choudhary, Executive Director of the Reserve Bank of India (RBI), revealed that India’s recently launched internal central bank digital currency (CBDC) e-rupi is now testing the offline function. (cointelegraph)

CBDC recently launched in India is testing offline function

Interpretation of the news:


The Reserve Bank of India has been testing its digital currency e-Rupi for the offline function, according to a report by Cointelegraph. Ajay Kumar Choudhary, Executive Director of the Reserve Bank of India, revealed this latest development in the advancement of India’s internal central bank digital currency (CBDC).

India launched e-Rupi, its digital currency, last August. The digital currency operates based on a prepaid voucher system, with every e-Rupi voucher having a unique code that can only be redeemed by the recipient. The system is expected to play a crucial role in advancing the country’s financial inclusion and to eliminate intermediaries from digital payments.

The offline feature is crucial to the success of e-Rupi. It will enable individuals to carry out transactions without requiring an internet connection, which is paramount given the country’s patchy internet connectivity in some parts. This feature will benefit citizens who have to make digital payments when there is no internet connection, ensuring that they are not inconvenienced.

The testing of the e-Rupi offline function speaks to the Reserve Bank of India’s commitment to the digitization of the country’s economy. The digitalization of payments in India has been in full throttle since the demonetization experience of 2016. This digital transformation drive has bolstered the need for CBDCs in the country, and e-Rupi is the RBI’s answer to these demands.

Moreover, the e-Rupi digital currency can be administered using mobile phones, cutting out the need for bank accounts or internet banking. This development is expected to drive financial inclusion in India’s hinterlands, where financial illiteracy is rife.

In conclusion, the Reserve Bank of India’s testing of the e-Rupi offline function highlights the bank’s drive to improve the ease and accessibility of digital payments in India. E-Rupi is geared towards advancing the country’s digital transformation journey and driving financial inclusion. The offline feature will ensure that the currency’s services are accessible to all and that the digital currency can function seamlessly, even in rural areas, where internet connectivity can be challenging.

Keyword: Reserve Bank of India, e-Rupi, CBDC, Offline function, Digital payments.

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