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Let's get digital: India edges toward 'e-rupee'

RBI plans pilot testing, but analysts say uptake could be slow

India's central bank says a digital currency will bring advantages such as cutting the cost of cash management for the country. (Source photo by AP) 

BENGALURU -- India has started rolling out plans for a digital rupee, joining a wave of countries pushing to make payments and other transactions more efficient through similar steps. But analysts and observers warn uptake could be slow in a nation that has traditionally been heavily dependent on cash.

The country's central bank said in a paper this month that the "e-rupee" would have "limited pilot launches" in the fiscal year running to the end of next March, without giving a time frame for the broader introduction of a finalized version of the currency.

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