Digital Rupee: How has the digital rupee grown 180 times in just two years?

Agencies

Launched as a pilot by the Reserve Bank of India in late 2022, the e` has moved beyond experimentation to meaningful adoption. Retail volumes grew from 1,710,000 to 49,410,000 pieces, marking a 29- fold increase in just two years. High-value denominations now dominate usage, with Rs 500 notes alone accounting for 84.4% of total eRs value in FY25, up sharply from 47.5% in FY23, a clear signal that the digital currency is gaining traction among larger retail and merchant payments.

Agencies

While the wholesale use-case remains limited, the retail adoption supports India’s aim to modernise its payment infrastructure, reduce cash dependency, and provide a regulated alternative to private cryptocurrencies.