RBI to Launch “Digital Rupee” Pilot by October

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CBDC Pilot

RBI plans to introduce a pilot of its wholesale Central Bank Digital Currency (CBDC), the Digital Rupee for interbank borrowing transactions in the call money market, aiming for an October rollout

Government Securities Settlement

Initially launched on November 1, 2022, the wholesale CBDC was used to settle secondary market transactions in government securities

Union Budget Announcement

F.M. Nirmala Sitharaman announced the CBDC's introduction in the 2022-23 Union Budget, with the necessary legislative amendments passed in the Finance Bill 2022

Retail CBDC Pilot

RBI has already initiated a pilot for the retail version of CBDC (e-R) on December 1, 2022. It is distributed in digital token form and can be used through digital wallets offered by participating banks

Digital Initiatives Showcase

RBI is actively promoting various digital initiatives, including the CBDC, at the G20 Summit, demonstrating India's commitment to advancing digital finance technology