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The Digital Rupee (e₹) [6] or eINR or E-Rupee is a tokenised digital version of the Indian Rupee, issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). [7] The Digital Rupee was proposed in January 2017 and launched on 1 December 2022. [8] Digital Rupee is using blockchain distributed-ledger technology. [9]
The economy of India is a developing mixed economy with a notable public sector in strategic sectors. [5] It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP); on a per capita income basis, India ranked 141th by GDP (nominal) and 125th by GDP (PPP). [58]
Officially, the Indian rupee has a market-determined exchange rate. However, the Reserve Bank of India trades actively in the USD/INR currency market to impact effective exchange rates. Thus, the currency regime in place for the Indian rupee with respect to the US dollar is a de facto controlled exchange rate.
Indian Banks started making their UPI-enabled apps available on Google Play on 25 August 2016. With UPI, India maintains its position as the global leader in instant payments, accounting for 46% of all global instant payment transactions in 2022. [7] [8] As of November 2022, the platform had over 300 million monthly active users in India.
In the contemporary world economy, India is the largest exporter of IT. The contribution of the IT sector in India's GDP rose from 1.2% in 1998 to 7% in 2019. [45] Exports dominate the Indian IT industry and constitute about 79% of the industry's total revenue. However, the domestic market is also significant, with robust revenue growth. [46]
India also holds a significant amount of gold, which serves as a hedge against inflation and currency depreciation. Special Drawing Rights (SDRs) allocated by the IMF, these can be used to supplement reserves. Reserve position in the IMF represents India's financial position in the IMF, which can also be utilized as reserve assets.
Digital rupee (e₹) or eINR or e-rupee is a world's first digital national currency, to be issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). Digital Rupee is using blockchain distributed-ledger technology. Digital rupee users to hit 50,000 by Jan-end on better acceptance. [340]
National Payments Corporation of India (NPCI) is an Indian public sector company that operates retail payments and settlement systems in India. The organization is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust payment and settlement infrastructure in India.