India’s RBI will commence a wholesale CBDC pilot on Nov. 1 in partnership with nine banks focusing on settlement of secondary market transactions in government securities. By Amitoj
India's central bank will introduce a pilot wholesale central bank digital currency Nov. 1, and a retail version will start within a month.
In a statement, the Reserve Bank of India said the use case for the wholesale digital rupee is the"settlement of secondary market transactions in government securities" since it would reduce transaction costs. Nine prominent banks have been identified for participation in the pilot. 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.
The RBI said a pilot of the retail version is planned for launch within a month in select locations in closed user groups comprising customers and merchants.for the introduction of a central bank digital currency earlier this month.
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