RBI Proposes Programmability to Enhance CBDC-R Functionality
The Reserve Bank of India (RBI) has proposed new measures to expand the scope of Central Bank Digital Currency (CBDC) pilot projects. The focus is on introducing programmability to facilitate specific functionalities within the CBDC ecosystem. This programmability feature will cater to the needs of government agencies and corporates, allowing for payments to be made for defined benefits and specified expenditures. Governor Shaktikanta Das emphasized the RBI’s commitment to evolving digital payment systems and addressing the changing needs of the economy.
RBI Proposes Offline Functionality for CBDC-R Accessibility
To address challenges related to poor internet connectivity in certain regions, the RBI plans to introduce offline functionality in the CBDC-R system. This will enable users to conduct transactions even in areas with limited or no internet access. The proposed offline functionality will undergo testing in various geographical areas, including hilly regions and rural locations. Through pilot projects, the RBI aims to gradually introduce offline functionalities, ensuring seamless integration with existing CBDC-R infrastructure.
Reviewing Past Initiatives and Outlook for India’s CBDC Landscape
India has made significant progress in modernizing digital transactions through CBDC initiatives. Wholesale CBDC pilot projects involving nine selected banks aimed to revamp digital transactions using cutting-edge technologies. The launch of e-rupee marked a milestone in India’s digital currency landscape, providing users with a secure means of transacting and paving the way for broader adoption of CBDC-R.
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