The Reserve Bank of India (RBI) has launched a pilot program to explore the use of central bank digital currency (CBDC) in the call money market. This initiative aims to facilitate interbank transactions for short-term lending and borrowing. Nine major banks, including State Bank of India and HDFC Bank, are participating in the pilot. The RBI is planning to introduce the wholesale version of its CBDC, called Digital Rupee-Wholesale, by October. The central bank is taking a cautious approach to ensure a smooth transition to digital currency and maintain stability in the financial ecosystem. In addition to the wholesale CBDC pilot, the RBI has also rolled out a pilot for the retail version of CBDC, known as the e-rupee. The e-rupee is issued as digital tokens and is available in denominations equivalent to traditional paper currency. The RBI aims to scale up adoption of the e-rupee, setting a target of 1 million daily transactions.

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Information	Details
Geography	Asia
Countries	🇮🇳
Sentiment	neutral
Relevance Score	1
People	T. Rabi Sankar, Ajay Kumar Choudhary, Shaktikanta Das
Companies	HSBC, State Bank of India, ICICI Bank, IDFC First Bank, Yes Bank, HDFC Bank, Reserve Bank of India (RBI), Bank of Baroda, Union Bank of India, Kotak Mahindra Bank
Currencies	Rupee
Securities	None