The Central Bank Digital Currency (CBDC) or Digital Rupee commenced today in the wholesale segment on pilot basis. The Reserve Bank of India (RBI) in a press release said the Digital Rupee will be used for settlement of secondary market transactions in government securities. It said that use of the E-Rupee is expected to make the inter-bank market more efficient.
RBI said the settlement in Digital Rupee will reduce transaction costs. It said, based on the learnings from this pilot project, other wholesale transactions and cross-border payments will be the focus of future pilots of the Digital Rupee roll out. RBI has identified nine banks for participation in the Digital Rupee’s wholesale pilot project which are 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.
RBI said the first pilot of the Digital Rupee in the retail segment is planned for launch within a month in select locations. It said Digital Rupee in retail segment will be commenced in closed user groups comprising customers and merchants.
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