RBI To Pilot Digital Rupee In Selected Areas

The Reserve Bank of India is set to launch the pilot of its central bank digital currency.

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Digital rupee is aimed at creating an additional option to use money and isn’t very different from the currently-issued banknotes.

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The central bank will commence pilot launches of Digital Rupee in Wholesale segment (e₹-W) from November 1, 2022.

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RBI will launch a similar test for the retail segment in closed user-groups of customers and merchants within a month.

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For the wholesale segment, the pilot will test the settlement of secondary market transactions in government securities.

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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 will participate in the pilot.

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Governments across the world are launching CBDCs in order to fend off competition from private digital currencies.

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