16 OCT,2023 | MEDC
RBI initiated a pilot programme for the wholesale segment of its Central Bank Digital Currency (CBDC) in the interbank call money market. Nine banks, including four public sector banks and five private sector banks, are participating in the e-rupee call money pilot. Bankers clarified that they are not looking at volumes right now, but just testing the waters. It is necessary for the CBDC to be introduced in a gradual but systematic manner throughout the financial system, and such moves of the RBI are aimed precisely at that. More use cases will be tested in the coming months and a plan is afoot to test the entire wholesale segment with the CBDC. That will be a step in the right direction.
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