The Reserve Bank of India's (RBI) Central Bank Digital Currency (CBDC) plan, State Bank of India (SBI) has made the NPCI's UPI system compatible with its digital rupee (e). The 'eRupee by SBI' application will now provide access to the SBI digital rupee. Users can quickly and securely transact by scanning any merchant's UPI QR code.
In December 2022, SBI was one of the first few banks to take part in the RBI's retail digital e-rupee project. A major step forward for the bank is the seamless integration of CBDC with UPI, which will increase the acceptability and use of virtual currencies in regular transactions.
SBI, this combination will fundamentally alter the digital currency environment. The bank anticipates that closing the gap between CBDC and India's widely utilised UPI technology will strengthen the country's payments ecosystem.
