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RBI today launches the country’s first digital rupee pilot project for the wholesale segment

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The Indian Reserve Bank (RBI) today launches the country’s first digital rupee pilot project for the wholesale segment.



In a statement, the central bank said it will “soon begin trial launches of” Digital Rupee (ea,) for specific use cases. Accordingly, the first pilot in the Digital Rupee – Wholesale segment (ea,-W) will start on November 1, 2022″.

The central bank further informed that “the first pilot in Digital Rupee – Retail segment (ea,-R) is planned for launch within a month at selected locations in closed user groups composed of customers and merchants. The details regarding the operationalization of ea,-R pilot will be notified in due course”.

RBI has selected nine banks to participate in the wholesale digital rupee pilot project.

These are 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.

Finance Minister Nirmala Sitharaman had announced in her Feb. 1 budget speech that RBI will launch a Central Bank Digital Currency (CBDC) in this fiscal year.

CBDC is a digital form of banknotes issued by a central bank.

Digital currency or rupee is an electronic form of money that can be used in contactless transactions.

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