Digital Rupee (e₹): How to Set Up and Use the RBI CBDC Wallet
The Digital Rupee (e₹) is India’s central bank digital currency (CBDC), digital cash issued by the Reserve Bank of India. Unlike UPI, which moves money between bank accounts, e₹ is held as digital tokens in a wallet on your phone, like cash in a digital purse. The retail pilot runs through participating banks’ e₹ wallet apps. Here’s how it works.
e₹ vs UPI
| Digital Rupee (e₹) | UPI | |
|---|---|---|
| What it is | Digital currency issued by RBI | A payment system that moves money between bank accounts |
| Where money sits | In your e₹ wallet (like cash) | In your bank account |
| Interest | None (like cash) | Your savings account earns interest |
| Paying at shops | Scan UPI QR codes (interoperable) or e₹ QR | Scan UPI QR codes |
How to start using the Digital Rupee
- Check whether your bank offers an e₹ wallet in the retail CBDC pilot (for example SBI, ICICI, HDFC, Union Bank, Bank of Baroda and others have launched apps).
- Download your bank’s official Digital Rupee app from the Play Store or App Store.
- Register with your mobile number linked to your bank account and set a wallet PIN.
- Load e₹ into the wallet from your bank account.
- Pay by scanning a merchant QR code, or send e₹ to another person’s wallet.
- Redeem unused e₹ back to your bank account at any time.
Is it safe?
- e₹ is issued by RBI and is legal tender.
- Your wallet is protected by a PIN. Keep your phone secure, as losing the wallet is like losing cash unless your bank app lets you recover it.
- Use only your bank’s official app.
Frequently asked questions
Do I earn interest on e₹?
No. Like physical cash, the Digital Rupee doesn’t earn interest.
Can I pay at any shop with e₹?
e₹ wallets are interoperable with UPI QR codes, so you can pay at most shops that accept UPI.
Related guides
Official link: Reserve Bank of India. Features and participating banks may change as the pilot develops. Easy Guide India is not affiliated with RBI or any bank.