RBI shortlisted banks to work on retail CBDC pilot

RBI has shortlisted banks to work on the retail pilot project of CBDC.

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As per ET reports, out of five, these 4 banks are namely State Bank of India, ICICI Bank, IDFC First Bank and HDFC Bank.

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Reports detailed, citing people familiar with the matter, that RBI can add more banks to this project.

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RBI is working on two types of central bank digital currency.

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The first is for the wholesale market, and its pilot project is already underway whereas the other is for retail.

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It is expected that pilot for retail digital rupee will be live soon.

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The central bank is considering whether to build a new framework for digital currencies or make retail CBDCs interoperable with current digital payment systems.

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