RBI to test more use cases in the pilot of wholesale CBDC
Mumbai: The Reserve Bank of India will test more use cases in the pilot of wholesale central bank digital currency (CBDC), media reports said.
"Now we are planning to test some more use cases in wholesale pilot of CBDCs," RBI Governor Shaktikanta Das said at the Global Fintech Fest 2023, reported Moneycontrol.
Last year, on November 1, the central bank launched the wholesale pilot of the CBDC, to settle the settle secondary market transactions in government securities.
RBI has adopted the strategy of calibrated and phased implementation to ensure smooth take-off and functioning, Das said.
He emphasised that CBDC offers new opportunities as it indicates the next milestone in the evolution of the payment system.
In 2022, RBI also launched CBDC’s retail pilot, including both person-to-person and person-to-merchant transactions. Das said as many as 1.46 million users and 0.31 million merchants are currently part of the pilot as of August 31, 2023.
Whereas, the pilot is currently being operated through 13 banks across 26 cities.
"The pilot is testing the robustness of the entire process of digital rupee creation, distribution and retail usage in real time," Das said, according to the report.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
East Turkistan activists to protest Chinese occupation outside White House on October 12
Exercise Pacific Reach: Indian Navy demonstrates global submarine rescue capability
US govt shutdown hits H-1B visa processing, leaves Indian techies in limbo
Delhi Police recover sex toy, obscene CDs from self-styled godman Chaitanyananda’s ashram
