On Sunday, RBI Executive Director Ajay Kumar Choudhary said the RBI may launch the Central Bank Digital Currency (CBDC) pilot for interbank borrowing or call money market transactions by October.
The Digital Rupee-Wholesale (e-W) pilot began on November 1, 2022. Its initial use was settling government securities secondary market transactions.
RBI will introduce wholesale CBDC
“The RBI will introduce the wholesale CBDC in the call market this month or next month,” Choudhary said at the G20 Leaders’ Summit.
Finance Minister Nirmala Sitharaman introduced the CBDC in Union Budget 2022-23. The Finance Bill 2022 amended the RBI Act, 1934, to enable this.
Nine banks were chosen for RBI’s pilot.
The RBI chose nine banks for its wholesale CBDC pilot. These banks are State Bank of India, Bank of Baroda, Union Bank, HDFC, ICICI, Kotak Mahindra, YES, IDFC First, and HSBC.
The central bank also launched a CBDC e-R retail pilot on December 1, 2022. The e-R is a legal tender digital token.
It comes in the same denominations as coins and paper currency. Financial intermediaries like banks distribute it. Participating banks offer digital wallets for e-R transactions.
The RBI is displaying financial sector digital initiatives at the G20 Summit exhibition pavilion. PTP for Frictionless Credit, CBDC, UPI One World, RuPay On-The-Go, and Bharat Bill Payment System.
Conclusion:-
RBI Executive Director Ajay Kumar Choudhary says the Central Bank of India (RBI) may launch the Central Bank Digital Currency (CBDC) pilot for interbank borrowing or call money market transactions by October. The Digital Rupee-Wholesale (e-W) pilot began on November 1, 2022, and will be introduced in the call market this month or next month. The RBI has chosen nine banks for its wholesale CBDC pilot, including State Bank of India, Bank of Baroda, Union Bank, HDFC, ICICI, Kotak Mahindra, YES, IDFC First, and HSBC. The RBI is showcasing digital initiatives at the G20 Summit exhibition pavilion, including PTP for Frictionless Credit, CBDC, UPI One World, RuPay On-The-Go, and Bharat Bill Payment System.
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