Breaking: India Drops Final Date For Pilot Launch Of Digital Rupee

The Reserve Bank of India (RBI), after much anticipation, finally announced the date for the pilot launch of the Digital Rupee. The Central bank has also identified nine major banks that will be commencing the first phase of the Indian digital Rupee.

CBDC India finally gets launch date

As per reports, the RBI will initiate the release of the Digital Rupee (e₹-W) on Tuesday, November 1, 2022. However, this will be the wholesale segment of the digital rupee used for transactions in government securities.

The Indian Central Bank has also laid out the list of nine major banks that will be taking part in the pilot launch. As per the release these banks will be the 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.

It is mentioned that the use case for pilot CBDC India will be a settlement of secondary market transactions in govt securities. Earlier, Coingape reported that RBI in a concept note on CBDC highlighted that e-rupee will make the payment systems more systematic. However, it will also keep a check on money laundering.

How will it help the system?

The release added that the use of CBDC India will make the interbank market efficient. While settlement in central bank money will also cut the transaction cost.

However, the pilot launch of the Digital Rupee for the Retail segment will be launched within a month. It will be available in the selected locations in closed user groups which will include customers and merchants. Its details will be out soon by the RBI ahead.