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JC - Legal Updates - Operationalisation of Central Bank Digital Currency in the Retail Segment

Legal Updates

30 Nov 2022

Operationalisation of Central Bank Digital Currency in the Retail Segment

Brief Overview:

The first pilot in the Digital Rupee Retail segment (“e₹-R”) has been launched by the Reserve Bank of India(“RBI”) vide press release dated 29th November 2022 (“Press Release”). It shall commence from 1st December 2022.

Technical Details:

As per the Press Release:

1)   The e₹-R will be in the form of a digital token that represents legal tender and would be issued in the same denominations that paper currency and coins are currently issued.

2)  The e₹-R would be distributed through intermediaries i.e., banks. The first phase will begin with four banks, viz., State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country, viz., Mumbai, New Delhi, Bengaluru, and Bhubaneswar.

3)  Users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones / devices.

4)  As in case of cash, users shall not be entitled to earn any interest over e₹-R.

5)  Benefits of launch of e₹-R:

(a)  It would offer features of physical cash like trust, safety and settlement finality; and

(b)  It can be converted to other forms of money such as deposits with banks.

For further details, please see:


For any queries / clarifications, please feel free to ping us and we will be happy to chat:

●  Mr. Ankit Sinha (ankit.sinha@jclex.com)

●  Ms. Namrta Rai (namrta.rai@jclex.com)

●  Mr. Neeraj Dubey (neeraj.dubey@jclex.com)

●  Mr. Saurabh Sharma (saurabh.sharma@jclex.com)