Reserve Bank of India Launches Pilot-Based Digital Rupee for Wholesale and Retail Use
The Reserve Bank of India has launched a pilot-based digital rupee for wholesale and retail use. The CBDT, issued on a pilot basis, is being gradually expanded to include more banks and locations. The project started on November 1, 2022, in Mumbai, New Delhi, Bangalore and Bhubaneswar.
Here are some key highlights of the RBI’s digital rupee project:
Pilot projects started with four banks: The pilot project started with four banks – State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank. While four other banks – Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank – joined later.
Expansion of pilot project: Ahmedabad, Chandigarh, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla are also being included in the pilot project in a phased manner. The central bank said five more banks – Punjab National Bank, Canara Bank, Federal Bank, Axis Bank and IndusInd Bank – are in the process of joining the pilot project.
Satisfactory progress so far: According to the RBI’s report, things are satisfactory so far in terms of wholesale and retail digital rupees, and are in line with what was expected. Settlement of secondary market transactions in government securities has been included under the wholesale segment. Transactions between banks are expected to become more efficient with the use of digital money-wholesale segment.
Nine banks are participating: Currently, nine banks are participating in the pilot: State Bank of India (SBI), Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC.
The RBI’s digital rupee project is aimed at reducing the time and cost of transactions while increasing transparency and efficiency. As the project expands, it is expected to bring greater benefits to businesses and individuals across the country.
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