Home / Business and Economy / RBI Eyes Global Reach for Digital Rupee
RBI Eyes Global Reach for Digital Rupee
29 May
Summary
- RBI plans to expand digital rupee to more DBT schemes.
- Cross-border transactions are being explored for CBDC.
- RBI signed an MoU with Singapore on digital asset collaboration.
The Reserve Bank of India (RBI) has outlined an ambitious plan to broaden the scope of its digital rupee pilot within the current fiscal year. This expansion will encompass additional direct benefit transfer (DBT) schemes and extend into the domestic retail sector, aiming to increase the adoption and utility of the Central Bank Digital Currency (CBDC).
Alongside domestic expansion, the RBI is actively investigating the potential of CBDC in facilitating cross-border transactions. This strategic initiative involves forming key partnerships and exploring pilot projects. Notably, the RBI has signed a Memorandum of Understanding (MoU) with the Monetary Authority of Singapore (MAS) concerning digital asset collaboration.
Further strengthening its international engagement, the RBI has held bilateral discussions with MAS and the Central Bank of the UAE (CBUAE) to operationalize a cross-border CBDC pilot. The central bank is also participating in multilateral initiatives led by the BIS-Innovation Hub, all focused on enhancing international payments through CBDCs.
The RBI's agenda for the fiscal year 2026-27 includes exploring bilateral and multilateral cross-border CBDC pilots and deepening engagement in multilateral projects focused on technical and governance standards for cross-border payments. Additionally, a framework for testing innovative products and services leveraging CBDC within a sandbox environment is planned.
