Page 48 - Banking Finance October 2023

INTERVIEW

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RBI likely to launch digital rupee pilot for interbank transactions

by October

The Reserve Bank of India (RBI) is likely to launch the pilot of Central Bank Digital Currency (CBDC) for transactions for
interbank borrowing or call money market by this October, Central Bank Executive Director Ajay Kumar Choudhary
said. Speaking on the sidelines of the G20 Summit here, Choudhary said, “The RBI will introduce the wholesale CBDC
in the call market either this month or next month."
In November 2022, the pilot of the wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was launched with
the use case being limited to the settlement of secondary market transactions in government securities, according to
PTI reports. Finance Minister Nirmala Sitharaman announced the introduction of CBDC in the Union Budget 2022-23
and necessary amendments to the relevant section of the RBI Act, 1934, were made with the passage of the Finance
Bill 2022.
The RBI picked nine banks -- State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak
Mahindra Bank, YES Bank, IDFC First Bank, and HSBC -- for its pilot project for wholesale CBDC, PTI reported.
In addition, the central bank has already rolled out a pilot in the retail version of the CBDC (e-R) on December 1,
2022. The e-R is in the form of a digital token that represents legal tender. It is being issued in the same denominations
as the paper currency and coins. It is being distributed through financial intermediaries like banks. Users can transact
with e-R through a digital wallet offered by the participating banks, as per PTI reports.
The RBI is showcasing various digital initiatives in the financial sector at the exhibition pavilion during the G20 Summit.
These include Public Tech Platform (PTP) for Frictionless Credit, CBDC, UPI One World, RuPay On-The-Go, and Bharat
Bill Payment System. (Source : Mint)

48 | 2023 | OCTOBER | BANKING FINANCE