SBI to allow UPI transactions for Digital Rupee: What it means for users

The Reserve Bank of India (RBI) launched the first pilot of the Digital Rupee or e-rupee in December 2022. The Digital Rupee is a tokenised digital version of the Indian Rupee which is issued by the RBI as a central bank digital currency (CBDC). As part of the apex bank’s CBDC programme, the State Bank of India (SBI) has made the NPCI’s UPI system interoperable with the digital rupee. SBI was among the first few banks to take part in the RBI’s retail digital e-rupee project in 2022. The bank said that with this move, it aims to deliver unprecedented convenience and accessibility to its customers.

eRupee by SBI app
Users will be able to access the SBI digital rupee through the ‘eRupee by SBI’ app. The bank will also allow users to scan any merchant UPI QR code for fast and secure transactions.