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Central Bank of India RBI Begins First Digital Experiment For Rupee Today

India’s central bank, the Reserve Bank of India (RBI), announced on Monday that the first pilot launch of Digital Rupee – for the wholesale sector (e ₹ -W) will begin on November 1, 2022.

Nine banks, i.e. State Bank of India, Baruda Bank, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC were identified to participate in the pilot programme.

RBI description: “The use status of this pilot model is to settle secondary market transactions in government securities.” The use of e ₹ -W is expected to make the interbank market more efficient. reconciliation of central bank funds would reduce transaction costs by anticipating the need for infrastructure to ensure reconciliation or safeguards to mitigate settlement risks ”

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