Consider the following statements regarding the Central Bank Digital Currency (CBDC) or Digital Rupee (e-Rupee) in India: 1. It is a digital form of fiat currency issued by the RBI and appears as a liability on its balance sheet. 2. It is divided into two segments: CBDC-Wholesale (e-W) and CBDC-Retail (e-R). 3. It allows for offline transactions via technologies like near-field communication. 4. It utilizes a two-tier distribution model where RBI issues it to banks, who distribute it to customers. 5. Unlike cryptocurrencies, its value is fixed to the Indian Rupee and doesn't require mining. 6. The RBI has mandated that all retail e-Rupee transactions above 50,000 Rupees must be automatically reported to the Income Tax Department. 7. It is expected to reduce the expenses related to managing physical banknotes. Which of the following statements are correct?

The Reserve Bank of India launched the Central Bank Digital Currency (CBDC), branded as the Digital Rupee (e-Rupee). Based on the operational framework, evaluate the following statements: 1. The Retail Digital Rupee (e-Rupee-R) represents a direct liability of the Reserve Bank of India, unlike commercial bank deposits which are liabilities of individual banks. 2. The Digital Rupee is interest-bearing, similar to a savings account deposit, to incentivise adoption over physical cash and reduce currency in circulation. 3. Retail CBDC is distributed to end-users through an intermediary model — participating commercial banks issue and manage e-Rupee wallets for their customers on behalf of the RBI. 4. India's CBDC architecture uses a centralised, permissioned ledger maintained by the RBI rather than a decentralised public blockchain. Which of the above statements is/are correct?

What does CBDC, introduced by the Reserve Bank of India (RBI), stand for?