The State Bank of India (SBI), the country’s largest bank, has integrated the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC), the digital rupee, into its digital payment systems.
This integration allows SBI customers to make payments using the digital rupee through its mobile app and ATMs.
The move is part of India’s broader effort to modernize its financial system and provide a digital alternative to cash.
By leveraging the digital rupee, SBI aims to offer faster and more secure transactions, particularly for cross-border payments. India is one of the major economies pushing the development and adoption of a CBDC, and SBI’s involvement marks a significant step in bringing the digital rupee closer to mainstream use.
