Digital Rupee, RBI launches Its First Pilot Project

Digital Rupee, RBI launches Its First Pilot Project

• The Reserve Bank of India (RBI) will commence pilot launches of the digital rupee from November 1. It has identified nine banks for participation in the pilot launch. They are 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.
• A Central Bank Digital Currency (CBDC) or Digital Rupee is a digital form of currency notes issued by a central bank. Digital currency or rupee is an electronic form of money, that can be used in contactless transactions.
• Presenting Union Budget 2022, Finance Minister Nirmala Sitharaman announced that the Reserve Bank of India (RBI) would be rolling out its digital currency soon.

CBDCs Types:

• Retail (CBDC-R): Retail CBDC would be potentially available for use by all,
• Wholesale (CBDC-W) is designed for restricted access to select financial institutions.

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Published date : 02 Nov 2022 05:39PM