E-Rupee Transactions Exceeded Target Of One Million A Day, Says RBI Governor

The transactions via central bank digital currency exceeded its target of 1 million a day on Dec. 27, Reserve Bank of India Governor Shaktikanta Das said in a letter to employees on Dec. 29.

"On the fintech front, the success story of UPI is now an international model," Das said. "We also made significant strides in the usage of e-rupee and exceeded the milestone of 1 million transactions in a day on Dec. 27, 2023," he said.

In July 2023, the RBI Deputy Governor T. Rabi Sankar said that the central bank was targeting 1 million CBDC transactions per day by the end of 2023. Cross-border transactions through the digital rupee are a key focus, facilitating the interoperability of CBDC with the UPI, according to Sankar.

Later in September, at the Global Fintech Festival, Sankar talked about a considerable fall in the cost of global payment transactions for individuals and the risks associated with them if CBDC becomes a popular mode of payment.

Das, in his letter, highlighted that climate change is "no more a future threat", and the impact of macroeconomic and geopolitical shocks on the global economy.

The governor also said that the central bank has managed to moderate inflation while focusing on growth.

India's retail inflation, measured by the consumer price index, increased to 5.55% in November from 4.87% in the previous month, according to the latest data from the Ministry of Statistics and Programme Implementation.

The lowest CPI reading recorded this year was 4.25% in May.

"Our actions were timely and decisive. We have also scaled new heights in maintaining macroeconomic and financial stability," he said.