E-rupee worth over Rs 130 crore in circulation: Sitharaman
New Delhi (PTI): Digital or e-rupee worth over Rs 130 crore is in circulation on a pilot basis as of February 28, finance minister Nirmala Sitharaman said on Monday.
The Reserve Bank of India (RBI) had launched pilots in digital rupee in the wholesale segment (e?-W) on November 1, 2022 and in the retail segment (e?-R) on December 1, 2022.
Nine banks, viz., State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC, have been participating in the digital rupee wholesale pilot, Sitharaman said.
"As on February 28, 2023, the total digital rupee - Retail (e?-R) and digital rupee - wholesale (e?-W) in circulation is Rs 4.14 crore and Rs 126.27 crore, respectively," Sitharaman said in a written reply in the Lok Sabha.
The e?-R is in the form of a digital token that represents legal tender. It is being issued in the same denominations that paper currency and coins are currently issued.
It is being distributed through financial intermediaries, i.e., banks. Users can transact with e?-R through a digital wallet offered by the participating banks and stored on mobile phones/devices.
The e? pilot for retail segment was launched on December 1, 2022 in 5 select locations in closed user group for making Person to Person (P2P) and Person to Merchant (P2M) transactions.
The on-boarded merchants comprise various segments like tea vendors, fruit sellers, street side and sidewalk vendors (including migrant fruit vendors selling on the pavement opposite the RBI's headquarters, Mumbai), small shopkeepers etc," Sitharaman said.
Further, institutional merchants like retail chains, petrol pumps etc. have also been on-boarded to enable transactions in digital rupee across various outlets.
Few online merchants have also been enabled to accept digital rupee for the convenience of users.
In the approximately three months of the pilot, the total digital rupee - Retail (e?-R) in circulation in the select locations is Rs 4.14 crore, the minister said.
"Various use cases, technological architecture and design features are being tested during the pilot... Further steps, including expansion of use case, have to be through a phased implementation strategy on the basis of feedback received during the pilots," Sitharaman added.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Allahabad HC orders probe into 'reinstatement' of teacher in UP's Barabanki
Lucknow (PTI): The Lucknow Bench of the Allahabad High Court on Friday ordered a probe by the special task force (STF) into alleged irregularities in the rejoining of a teacher at City Intermediate College in Barabanki, observing that the reinstatement appeared to be prima facie illegal.
The court also directed the recovery of the salary paid to the teacher during the disputed period.
A bench of Justice Rajeev Singh passed the order on a petition filed by the college management committee. The court expressed doubts over the roles of the District Inspector of Schools (DIOS), Barabanki, the college principal and the teacher concerned and hence, directed a detailed inquiry into the matter.
Taking note of alleged manipulation of records and misleading submissions, the court ordered the immediate transfer of the Barabanki DIOS to ensure a fair probe. It also directed the initiation of disciplinary proceedings against the then joint director of education of the Ayodhya division.
In its order, the court found that the teacher, Abhay Kumar, was initially appointed as an assistant teacher in 2018 but joined an Eklavya Model Residential School in Chhattisgarh as a lecturer in June 2024 without obtaining permission from the management. His subsequent request to retain the lien was rejected.
Despite this, he was allowed to rejoin the Barabanki College in September 2025 on the directions of the joint director of education and the DIOS, and was even paid the salary for October 2025. The court termed the rejoining "wholly illegal" and lacking any legal basis.
The bench also expressed concern over lapses in communication within the education department and directed the Uttar Pradesh chief secretary to ensure that official orders are communicated through email and WhatsApp as well, to prevent disputes.
The matter is next listed for hearing on May 28 when a compliance report is sought.
