Tuesday, October 3, 2023

RBI made a major decision about digital currency involving these banks

The Central Bank Digital Currency (CBDT), which was introduced as a pilot program on Tuesday, is being gradually expanded to new banks and locations, according to the RBI. On November 1, 2022, the pilot-based digital rupee was introduced for usage at the wholesale level. After that, on December 1, 2022, it was declared that the digital rupee would be used in the retail sector.


In Mumbai, New Delhi, Bangalore, and Bhubaneswar,

pilot initiatives were launched. A small number of consumers and retailers were included in its utilization. The pilot initiative is also being phased in to include Ahmedabad, Chandigarh, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla.


Four banks are mentioned.

State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank were the first four banks to participate in the trial initiative. Later participants included the Bank of Baroda, Union Bank of India, HDFC Bank, and Kotak Mahindra Bank.


Five additional banks are on the verge of joining.

In its 2022–23 report, RBI stated five banks’ participation in the pilot project is currently being considered Punjab National Bank, Canara Bank, Federal Bank, Axis Bank, and IndusInd Bank. According to the need, the scope is being steadily expanded to accommodate more banks, users, and locations. The issued report states that so far, things with regard to wholesale and retail digital rupees are satisfactory and consistent with expectations. It stated that payment of secondary market transactions in government securities has been incorporated within the digital rupee wholesale segment. The adoption of the digital money-wholesale segment is anticipated to increase the efficiency of transactions between banks.


Currently, nine banks are participating.

State Bank of India (SBI), Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC are among the financial institutions taking part in the pilot.

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