RBI Plans to Initiate Digital Rupee Pilot in Call Money Market by October

RBI Plans to Initiate Digital Rupee Pilot in Call Money Market by October


The Reserve Bank of India (RBI) Intends to Launch Pilot of Monetary Authority Digital currency (CBDC)

The Reserve Bank of India (RBI) is set to launch the pilot of its Monetary Authority Digital currency (CBDC) for interbank borrowing or call money market transactions by October, according to Ajay Kumar Choudhary, Executive Director of the monetary authority. The pilot of the wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was at the beginning launched on November 1, 2022, for the settlement of secondary market transactions in Government securities. Choudhary stated that the introduction of the wholesale CBDC in the call market is gonna come either these 30 days or next 30 days. The RBI has selected nine banks for its pilot project for wholesale CBDC, and it has already rolled out a pilot for the retail version of the CBDC (e-R) on December 1, 2022.

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Showcasing Digital Initiatives at the G20 Summit

The RBI is showcasing numerous digital initiatives in the financial sector at the exhibition pavilion during the G20 Summit. These initiatives include the Public Tech Platform (PTP) for Frictionless Credit, CBDC, UPI One World, RuPay On-The-Go, and Bharat Bill Payment System.

Hot Take

The RBI’s intends to launch the pilot of its Monetary Authority Digital currency (CBDC) demonstrate its commitment to exploring digital innovations in the financial sector. As worldwide discussions on CBDCs continue to win momentum, this move positions India as an active participant in the digital currency landscape. By implementing a wholesale CBDC and a retail version, the RBI intends to expand the efficiency, security, and accessibility of financial transactions. This development marks a whole lot of step towards a digital future for the Indian economy, with probable implications for the broader adoption of CBDCs worldwide.

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