The digital rupee, also known as e-rupee, is a central bank digital currency (CBDC) being developed by the Reserve Bank of India (RBI). It is a digital form of the fiat Indian rupee that is issued and regulated by the RBI. The digital rupee is expected to be launched in two phases: wholesale and retail. The wholesale phase was launched in November 2022 and is currently being used by select banks to settle secondary market transactions in government securities.