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India promotes the use of digital rupees through welfare pilot programs and advances the BRICS central bank digital currency interconnection plan
ME News Report, April 24 (UTC+8), India is piloting the use of digital rupees through about 10 welfare programs, distributing approximately $80 billion in subsidies and food benefits via digital currency e-rupee, aiming to reduce fund leakage and corruption issues, and to provide clearer application scenarios for central bank digital currencies. At the same time, the Reserve Bank of India plans to propose a CBDC interconnection scheme among member countries at the BRICS summit in 2026, with the goal of improving cross-border trade settlement efficiency while reducing dependence on the US dollar. Currently, e-rupee has about 10 million users, with a total transaction volume of $3.6 billion, although this scale is significantly lower than India’s monthly $300 billion UPI system. (Source: MLion)