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Indian Banks Offer Rewards to Encourage Digital Rupee Adoption

Indian banks are actively promoting the adoption of the central bank digital currency (CBDC), digital-rupee, by offering a range of incentives to encourage users to conduct transactions with the national digital currency. These incentives include cash-back rewards and reward points, Reuters reported citing sources close to the matter. The initiative to promote the digital rupee or e-rupee comes in response to nudges from the Reserve Bank of India (RBI) to boost transaction volumes with the digital currency. However, as of now, retail transactions using the e-rupee remain below the intended target, averaging around 25,000 daily transactions.

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