RBI start pilot project of Digital Rupees for wholesale segment from 1st november

The first pilot testing of the country's digital currency - 'Digital Rupees' will start on Tuesday i.e. November 1, in which nine banks will use this digital currency for

transactions in government securities. The Reserve Bank of India (RBI) said in a statement issued on Monday, "The first pilot trial of Digital Rupee (Wholesale Segment) will start

on November 1. Under this testing, secondary market transactions in government securities will be settled. Taking a step towards its plan to introduce a 'central bank digital

currency OR CBDC', the RBI has decided to start pilot testing of the digital rupee. Nine banks will participate in this test for Wholesale Transactions. These banks have been

identified as 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. Settlement of deals in

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said that the first pilot trial of digital rupee (retail segment) is planned to be started within a month. The test will be conducted in select locations among specific user

groups, which include customers and merchants. According to the Reserve Bank, other wholesale transactions and cross-border payments will also be looked into in future pilot

trials. The RBI, in its concept report presented on the Central Bank Digital Currency, had said that the objective of introducing this digital currency is to complement the

existing forms of currency. This will allow users to have additional payment options with existing payment systems. CBDC is the digital form of monetary notes issued by a central

bank. Central banks around the world are exploring the possibilities of introducing CBDCs. The government had announced the introduction of a digital rupee in the budget for the

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