Reserve Bank of India links e-rupee to welfare and seeks BRICS CBDC integration

13 articles · Updated · whalesbook.com · Apr 24

The e-rupee has reached about 10 million users with $3.6 billion in transactions, far behind UPI's 22.6 billion transactions in March 2026. New pilot programs target welfare payments in Maharashtra and Gujarat.
Programmable subsidies aim to reduce waste and corruption but limit user flexibility compared to cash or UPI. The RBI also proposes linking BRICS nations’ CBDCs to facilitate cross-border payments and reduce US dollar reliance.
The BRICS CBDC plan faces geopolitical risks, including US tariff threats, while e-rupee adoption struggles with user engagement and competition from UPI. Broader success depends on overcoming technical, political, and user trust challenges.

With UPI already dominant, can India's restrictive e-rupee ever achieve widespread public adoption?

Is India trading its de-dollarization ambitions for favorable trade deals with the US?

As BRICS builds a dollar alternative, can it withstand Washington's threatened tariff retaliation?

Could US economic pressure unintentionally accelerate the global shift away from the dollar?

Does programmable welfare money empower citizens or create a new form of digital control?