The Reserve Bank of India (RBI) is taking a careful stance on the nationwide launch of its Central Bank Digital Currency (CBDC), the e-rupee. Deputy Governor T. Rabi Sankar stated that the bank is not rushing to introduce it, prioritizing financial stability and a thorough understanding of its potential impacts. The e-rupee pilot, initiated in December 2022, has shown gradual progress with over 5 million users and around 1 million retail transactions by mid-2024. Despite this, the RBI is focused on evaluating long-term effects before expanding further. Concerns about CBDCs disrupting traditional banking have led to controlled experiments with limited rollout. Local banks like ICICI Bank and State Bank of India are offering incentives for e-rupee adoption. India's central bank aims to strengthen the financial system with the e-rupee while closely monitoring global CBDC developments. Read more AI-generated news on: https://app.chaingpt.org/news

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