Indian banks are offering incentives for transactions conducted using the central bank digital currency, e-rupee, in an effort to boost volumes. The incentives range from cash-backs to reward points, similar to those offered on credit and debit cards. The Reserve Bank of India (RBI) initiated a pilot program for the e-rupee in December and aims to achieve a million transactions per day by the end of the year. However, current retail transactions are below target, prompting the central bank’s push for increased adoption. Banks such as HDFC Bank, Yes Bank, and IDFC First Bank are among those offering incentives. The banks are financing the offers themselves.
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