India's Digital Rupee Crossed a Million Transactions in 1 Day With Some Help From Banks
Summary
India's digital rupee, the central bank digital currency (CBDC), reached 1 million transactions in a day on Dec. 27, 2023, with help from retail banks' employees. The milestone was achieved after some government-owned and private sector banks deposited salaries and benefits into CBDC wallets. Banks were advised to encourage staff to transact using the digital currency. The All India Union Bank Employees Federation expressed dissatisfaction, while the All India Union Bank Employees Association supported the move. The RBI and the banking sector often collaborate on promoting best practices, but it's unclear if banks have previously gone this far.
