The pilot of the wholesale CBDC, referred to as the Digital Rupee-Wholesale (e-W), was launched on November 1, 2022, with the use case being restricted to the settlement of secondary market transactions in authorities securities.
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“The RBI will introduce the wholesale CBDC in the call market either this month or next month,” Choudhary stated on the sidelines of the G20 Leaders’ Summit right here.
The introduction of CBDC was introduced within the Union Budget 2022-23 by Finance Minister Nirmala Sitharaman and needed amendments to the related part of the RBI Act, 1934, had been made with the passage of the Finance Bill 2022.
The RBI picked 9 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 undertaking for wholesale CBDC.
Besides, the central financial institution has already rolled out a pilot within the retail model of the CBDC (e-R) on December 1, 2022. The e-R is within the type of a digital token that represents authorized tender.
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It is being issued in the identical denominations because the paper forex and cash. It is being distributed by means of monetary intermediaries like banks. Users can transact with e-R by means of a digital pockets provided by the collaborating banks. The RBI is showcasing varied digital initiatives within the monetary sector on the exhibition pavilion in the course of the G20 Summit.
These embrace Public Tech Platform (PTP) for Frictionless Credit, CBDC, UPI One World, RuPay On-The-Go and Bharat Bill Payment System.
Source: economictimes.indiatimes.com