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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
Mars Finance News: India is piloting the application of the digital rupee through about 10 welfare programs, distributing some of the approximately $80 billion in subsidies and food benefits via e-rupee to reduce fund leakage and corruption, and to provide clearer use cases for the central bank digital currency. Meanwhile, the Reserve Bank of India is pushing for a cross-member CBDC interconnection plan to be proposed at the 2026 BRICS summit, aiming to improve cross-border trade settlement efficiency and reduce dependence on the US dollar. Currently, e-rupee users number around 10 million, with a total transaction volume of approximately $3.6 billion, still significantly below India’s monthly transaction volume of about $300 billion processed through the UPI system.