RBI to Launch a Pilot Project on Retail Digital Rupee on 1 December 2022

RBI to Launch a Pilot Project on Retail Digital Rupee on 1 December 2022

• The Reserve Bank of India (RBI) announced a trial for retail digital rupee (e ₹-R) beginning 1 December, with four banks in as many cities participating in the pilot programme, a month after testing the wholesale central bank digital currency (CBDC).
• RBI said the pilot would cover select locations in a closed user group (CUG) comprising participating customers and merchants. While it has identified eight banks for gradual participation in the pilot, the first phase will begin with four: State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank.
• The remaining four—Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank—will subsequently join the trial.

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Published date : 30 Nov 2022 05:58PM