CBDC Pilot Expanded, To Include More Banks And Locations, Says RBI
1 year, 6 months ago

CBDC Pilot Expanded, To Include More Banks And Locations, Says RBI

ABP News  

The Reserve Bank of India on Tuesday said the scope of the Central Bank Digital Currency pilot is being expanded gradually to include more banks and locations. The pilot began with four banks -- State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank -- while four other banks -- Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank have joined subsequently. With regard to Digital Rupee -Wholesale Segment, the report said the use case for this pilot is the settlement of secondary market transactions in government securities. Nine 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 -- are participating in the pilot.

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History of this topic

Why Shaktikanta Das was rated among world’s top central bankers, 6 big feats in 6 years
1 week, 6 days ago

Why Shaktikanta Das was rated among world’s top central bankers, 6 big feats in 6 years

Firstpost  

Shaktikanta Das’s tenure as RBI governor ended today. Das also hoped that Malhotra would carry forward RBI initiatives such as the Central Bank Digital Currency and unified lending interface and promote financial inclusion. ‘RBI, Finance Ministry perspectives can differ at times’ Das said that during his tenure as the RBI governor, there was a productive and cooperative relationship between India’s …

RBI To Make Digital Currency Available Offline
7 months, 2 weeks ago

RBI To Make Digital Currency Available Offline

Deccan Chronicle  

Mumbai: The Reserve Bank of India Governor Shaktikanta Das on Monday said the central bank is considering testing Central Bank Digital Currency in commercial papers and certificates of deposits on a pilot basis. Das said that the central bank has been working on making CBDC transferable offline, introducing programmability features and promoting financial inclusion. “We are working on making CBDC …

Central Bank Digital Currencies Are Redefining Digital Money
10 months, 1 week ago

Central Bank Digital Currencies Are Redefining Digital Money

The Quint  

The Reserve Bank of India, in a forward-looking move, decided to extend the pilot program for the digital rupee. This extension reflects the central bank’s commitment to exploring and harnessing the potential of central bank digital currencies. Private players who dominate the digital payments market have simplified life for the world population with innovations like e-money, online transactions, mobile banking, …

RBI likely to start digital rupee pilot in call money market by next month
1 year, 3 months ago

RBI likely to start digital rupee pilot in call money market by next month

India TV News  

The Reserve Bank of India is likely to introduce the pilot of the Central Bank Digital Currency for transactions for the interbank borrowing or call money market by October, said central bank Executive Director Ajay Kumar Choudhary on Sunday. The pilot for the wholesale Central Bank Digital Currency known as the Digital Rupee-Wholesale was launched on November 1, 2022. RBI …

Digital Rupee: RBI Aims To Expand Use Cases, Features Of Retail, Wholesale CBDC
1 year, 6 months ago

Digital Rupee: RBI Aims To Expand Use Cases, Features Of Retail, Wholesale CBDC

News 18  

The Reserve Bank of India targets to expand the use cases and features of CBDC-Retail and CBDC-Wholesale, according to the central bank’s annual report released on Tuesday. “During 2023-24, the Reserve Bank aims at expanding the ongoing pilots in CBDC-Retail and CBDC-Wholesale by incorporating various use cases and features. “As the Reserve Bank embarks upon the journey of realising the …

Digital Rupee: RBI launches expand e-Rupee pilot to include more banks
1 year, 6 months ago

Digital Rupee: RBI launches expand e-Rupee pilot to include more banks

Live Mint  

The Reserve Bank of India wants to expand the ongoing pilot of the Central Bank Digital Currency and incorporate various use cases and features in 2023-24. In its annual report for 2022-2023, the central bank said, "During 2023-24, the Reserve Bank of India aims at expanding the ongoing pilots in CBDC-Retail and CBDC-Wholesale by incorporating various use cases and features." …

E-Rupee to be piloted by 5 more banks in 9 more cities soon
1 year, 10 months ago

E-Rupee to be piloted by 5 more banks in 9 more cities soon

The Hindu  

Five more banks will join the pilot on the central bank digital currency or e-rupee for retail customers and the project will be extended to nine additional cities, the Reserve Bank said on Wednesday. The Reserve Bank, which began piloting the central bank digital currency or e-rupee for retail customers in early December with eight banks in five cities, stressed …

Digital currency to further bolster digital economy, make payment system more efficient: RBI
1 year, 10 months ago

Digital currency to further bolster digital economy, make payment system more efficient: RBI

India TV News  

RBI Executive Director Ajay Kumar Choudhary on Wednesday the digital currency will further bolster the digital economy, make the payment system more efficient and reduce the cost involved in physical cash management. Central Bank Digital Currency The RBI has already launched pilots of CBDC in wholesale and retail segments last year. He said the key motivation for exploring the issuance …

CBDC is the UPI Moment for Fintechs: Rise of CBDC and Death of Crypto - News18
2 years ago

CBDC is the UPI Moment for Fintechs: Rise of CBDC and Death of Crypto - News18

News 18  

The fall of fraudulent and failing crypto exchanges is coinciding with the rise of CBDC across the world. CBDC, when programmed to be part of a smart contract, will reduce these layers of paper contracts and checks thus reducing the cost of trade or transactions both local and international. The promise of lower cost and reducing the global banks hegemony …

RBI Rolls Out First Pilot Project For Retail Digital Rupee In 4 Cities
2 years ago

RBI Rolls Out First Pilot Project For Retail Digital Rupee In 4 Cities

ABP News  

The Reserve Bank of India on Thursday launched the first pilot project for retail digital rupee in Mumbai, New Delhi, Bengaluru, and Bhubaneswar. The retail digital rupee project has started in a closed user group with the participation of four lenders -- State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank -- as well as customers and …

How the RBI's digital currency can help economy
2 years ago

How the RBI's digital currency can help economy

Live Mint  

Readers of a certain age group might remember Ramon Bonus Stamps. What's driving FIIs’ bullish bets on Nifty IIT-K student hits record ₹4 cr placement jackpot Story takes a turn for PVR, Inox Leisure after a flop Q2 How young Indian couples budget for their weddings Imagine different currencies competing for dominance in usage without any sovereign backing. That is …

All you need to know about e-Rupee
2 years ago

All you need to know about e-Rupee

Deccan Chronicle  

HYDERABAD: The Reserve Bank of India has launched India’s e-rupee on Thursday, as a pilot covering four cities New Delhi, Mumbai, Bengaluru and Bhubaneswar and will subsequently expand it to nine more cities in the initial phase. Four banks – State Bank of India, Yes Bank, ICICI Bank and IDFC First Bank – will be involved initially in the launch …

Digital Rupee: Check List Of Banks, Cities That Will Be Part Of CBDC Pilot From December 1
2 years ago

Digital Rupee: Check List Of Banks, Cities That Will Be Part Of CBDC Pilot From December 1

ABP News  

A month after the Reserve Bank of India launched the Digital Rupee for wholesale, the digital rupee for retail — denoted by e₹-R — will be rolled out as part of a pilot from December 1. Retail digital rupee to be launched in four cities Those in Mumbai, New Delhi, Bengaluru, and Bhubaneswar will be able to transact with e₹-R …

India to launch retail Digital Rupee on pilot basis: Which other countries have CBDC?
2 years ago

India to launch retail Digital Rupee on pilot basis: Which other countries have CBDC?

Firstpost  

On 1 December, India will join the list of countries that have introduced a Central Bank Digital Currency. Nigeria In October this year, the Central Bank of Nigeria marked one year since the launch of Africa’s first digital currency, the e-Naira. China’s central bank will expand the trials of its digital currency, the e-CNY, to four provinces, including Guangdong, Jiangsu, …

Digital Rupee coming on Dec 1, here is everything to know about it
2 years ago

Digital Rupee coming on Dec 1, here is everything to know about it

Live Mint  

The Reserve Bank of India on Tuesday announced a pilot for retail central bank digital currency on 1 December. A Central Bank Digital Currency or Digital Rupee is a digital form of currency notes issued by a central bank. The central bank also said that users will be able to transact with digital rupee through a digital wallet offered by …

Explained: Why RBI is launching e-rupee in India
2 years ago

Explained: Why RBI is launching e-rupee in India

Firstpost  

Four banks including SBI and ICICI will participate in the launch of the Central Bank Digital Rupee which will initially cover four cities — Mumbai, New Delhi, Bengaluru and Bhubaneswar. While some experts remain cautious about the concept, others are downright enthusiastic E-rupee to launch on 1 Dec: RBI’s rationale behind currency and what experts think Four banks including SBI …

Pilot for retail digital rupee to begin on December 1
2 years ago

Pilot for retail digital rupee to begin on December 1

The Hindu  

The Reserve Bank of India on November 29 announced that the first pilot for the retail version of the digital rupee would be introduced on December 1, 2022. The pilot would cover select locations in closed user groups comprising participating customers and merchants. The first phase will begin with four banks, namely State Bank of India, ICICI Bank, Yes Bank …

RBI to launch retail digital rupee pilot on 1 December
2 years ago

RBI to launch retail digital rupee pilot on 1 December

Live Mint  

Mumbai: The Reserve Bank of India on Tuesday announced the launch of a pilot for retail digital rupee on 1 December with four banks in four cities, a month after testing the wholesale central bank digital currency. The pilot, RBI said in a press release, would cover select locations in a closed user group, comprising participating customers and merchants. While …

RBI announces launch of first pilot for retail digital rupee
2 years ago

RBI announces launch of first pilot for retail digital rupee

India TV News  

The Reserve Bank on Tuesday said it will launch the first pilot for retail digital rupee on December 1, 2022, in which four banks including SBI and ICICI Bank will initially participate. On November 1, the RBI launched the first pilot in the digital rupee - wholesale segment. Announcing the operationalisation of the Central Bank Digital Currency – Retail Pilot, …

Central Bank Digital Currency is going to be a major transformation in the way business is done: RBI Governor Shaktikanta Das
2 years, 1 month ago

Central Bank Digital Currency is going to be a major transformation in the way business is done: RBI Governor Shaktikanta Das

The Hindu  

Reserve Bank of India Governor Shaktikanta Das said Central Bank Digital Currency is going to be a major transformation in the way business is done — the way transactions are conducted and highlighted that RBI is among the very few central banks in the world which have taken this initiative. While addressing FIBAC on November 2, Governor Shaktikanta Das said, …

Digital Rupee Pilot: Day 1 Sees Rs 275-Crore Trade In 48 G-Sec Transactions, Details Here
2 years, 1 month ago

Digital Rupee Pilot: Day 1 Sees Rs 275-Crore Trade In 48 G-Sec Transactions, Details Here

News 18  

Even as the government has started the government securities transactions in digital rupee along with the wholesale segment, Tuesday witnessed a total of 48 trades worth Rs 275 crore using the RBI’s central bank digital currency. “IDFC First Bank executed the first secondary market transaction in G-secs using CBDC settlement on Tuesday,” IDFC First said in a statement. Nine banks …

CBDC will transform the way of doing business: RBI Governor Shaktikanta Das on e-rupee launch
2 years, 1 month ago

CBDC will transform the way of doing business: RBI Governor Shaktikanta Das on e-rupee launch

India TV News  

RBI E-Rupee CBDC: The RBI will follow up on the wholesale e-rupee pilot with a similar trial on the retail side this month itself, governor Shaktikanta Das said on Wednesday. The broader wish of the RBI is to execute a full-fledged launch of the CBDC "in the near future", Das said, choosing not to share a timeline for the same. …

RBI Launches First Pilot of Digital Rupee; What is CBDC, How is it Different from Cryptocurrency?
2 years, 1 month ago

RBI Launches First Pilot of Digital Rupee; What is CBDC, How is it Different from Cryptocurrency?

News 18  

The Reserve Bank of India will roll out the digital rupee — the Central Bank Digital Currency — today. “…the first pilot in the Digital Rupee – Wholesale segment shall commence on November 1, 2022,” the RBI said in a statement on ‘Operationalisation of Central Bank Digital Currency-Wholesale Pilot’. It also announced that the first pilot in Digital Rupee – …

RBI to launch India’s first digital rupee project: What is a CBDC and how will it work?
2 years, 1 month ago

RBI to launch India’s first digital rupee project: What is a CBDC and how will it work?

Firstpost  

The Reserve Bank of India will roll out the digital rupee for the wholesale segment today as part of its pilot project. The digital rupee will give a big boost to the economy and positively change the banking scenario of the country After months of talks and rumours swirling, the Reserve Bank of India will roll out the digital rupee …

RBI Digital Rupee pilot for wholesale segment from November 1
2 years, 1 month ago

RBI Digital Rupee pilot for wholesale segment from November 1

The Hindu  

The first pilot in the Digital Rupee, Wholesale segment will commence on November 1, 2022, the Reserve Bank of India said in a circular. Settlement in central bank money would reduce transaction costs by pre- empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk,” the circular said. The first pilot in Digital Rupee — Retail …

Digital Rupee: RBI To Begin First Pilot In Wholesale Segment on Tuesday
2 years, 1 month ago

Digital Rupee: RBI To Begin First Pilot In Wholesale Segment on Tuesday

News 18  

India’s First Central Bank Digital Currency: The Reserve Bank of India on Monday said the first pilot in the digital rupee– wholesale segment will commence on Tuesday. The announcement comes after the central bank earlier this month said that it will soon commence pilot launch of the digital rupee for specific use cases. The RBI also said, “The first pilot …

RBI to launch first pilot of Digital Rupee today
2 years, 1 month ago

RBI to launch first pilot of Digital Rupee today

India TV News  

Highlights The use case for the pilot is settlement of secondary market transactions in government securities Nine banks have been identified for participation in the pilot RBI also said the first pilot of Digital Rupee - Retail segment is planned for launch within a month RBI Digital Rupee: The Reserve Bank of India will launch first pilot of Central Bank …

India’s RBI to soon commence pilot project of digital rupee
2 years, 2 months ago

India’s RBI to soon commence pilot project of digital rupee

The Hindu  

The Reserve Bank of India will soon commence limited pilot launches of a central bank-backed digital rupee for specific use cases, it said in a concept paper released on Friday. The RBI has been exploring the pros and cons of a central bank digital currency for some time and is working towards a strategy to implement it in a phased …

RBI to soon launch e-rupee on pilot basis for limited use
2 years, 2 months ago

RBI to soon launch e-rupee on pilot basis for limited use

India TV News  

Digital money : The Reserve Bank on Friday said it will soon commence the pilot launch of the e-rupee for specific use cases as it tests digital currency in India. "As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e-rupee, from time to time," the central bank …

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das
2 years, 3 months ago

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das

ABP News  

The Reserve Bank of India Governor Shaktikanta Das on Tuesday said that the central bank is committed to supporting innovation for fintech companies while keeping in mind consumer protection. Further, the RBI is now actively working towards a phased implementation of Central Bank Digital Currency in both wholesale and retail segments. The number of UPI QR code enabled payment acceptance …

Digital Rupee: Why India Is Keen On Introducing A CBDC
2 years, 4 months ago

Digital Rupee: Why India Is Keen On Introducing A CBDC

ABP News  

Earlier this year, India announced plans to have its own central bank digital currency. The RBI has defined CBDC as a “legal tender issued by a central bank in a digital form. It will seem like any other digital payment service to users but since the CBDC will be a direct liability of the central bank, it would be more …

Phased implementation of digital currency for wholesale, retail segments in the works: RBI official
2 years, 5 months ago

Phased implementation of digital currency for wholesale, retail segments in the works: RBI official

The Hindu  

The Reserve Bank of India is in the process of implementing the Central Bank Digital Currency in a phased manner for wholesale and retail segments, an official said on Wednesday. The introduction of CBDC was announced in the Union Budget 2022-23, by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934 have been …

Phased implementation of digital currency for wholesale, retail segments at works: RBI official
2 years, 5 months ago

Phased implementation of digital currency for wholesale, retail segments at works: RBI official

India Today  

The Reserve Bank of India is in the process of implementing the Central Bank Digital Currency in a phased manner for the wholesale and retail segments, an official said on Wednesday. The introduction of CBDC was announced in the Union Budget 2022-23, by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934 has …

RBI to adopt graded approach to introduce digital currency
2 years, 6 months ago

RBI to adopt graded approach to introduce digital currency

Firstpost  

The RBI said that it has been exploring the pros and cons of the introduction of Central Bank Digital Currency in India and the appropriate design elements of CBDCs that could be implemented with little, or no disruption are under examination New Delhi: The Reserve Bank of India on Friday said that it is proposing to adopt a graded approach …

India's official digital currency likely to debut by early 2023, says top government source
2 years, 10 months ago

India's official digital currency likely to debut by early 2023, says top government source

Firstpost  

He said the digital currency issued by the RBI would be numbered in units, just like every fiat currency has an unique number New Delhi: India’s very own official digital currency is likely to debut by early 2023, which will mirror any of the currently available private company-operated electronic wallets, but with a change that it will be a sovereign-backed …

Reserve Bank Set To Roll Out India’s Own Cryptocurrency. Know What Is CBDC
3 years ago

Reserve Bank Set To Roll Out India’s Own Cryptocurrency. Know What Is CBDC

ABP News  

New Delhi: The Centre is all set to introduce a new Bill during the winter session of Parliament to ban private cryptocurrencies and create guidelines for a legal digital currency by the Reserve Bank of India, according to a Lok Sabha bulletin released on Tuesday. To create a facilitative framework for creation of the official digital currency to be issued …

RBI May Consider Trials For Digital Rupee By December, Says Governor Shaktikanta Das
3 years, 3 months ago

RBI May Consider Trials For Digital Rupee By December, Says Governor Shaktikanta Das

ABP News  

New Delhi: In its attempt to implement digital currency, the Reserve Bank of India has been working on a phased implementation strategy and the pilot may be expected by the end of this year. In an interview with CNBC, RBI Governor Shaktikanta Das said, “The Reserve Bank of India may launch its first digital currency trial programs by December." Das …

RBI Contemplating Pilot Launch of Digital Currency in Near Future: Deputy Guv
3 years, 5 months ago

RBI Contemplating Pilot Launch of Digital Currency in Near Future: Deputy Guv

News 18  

The Reserve Bank is working on a phased implementation strategy for its own digital currency and is in the process of launching it in wholesale and retail segments in the near future, RBI Deputy Governor T Rabi Sankar said on Thursday. “Like other central banks, RBI has also been exploring the pros and cons of introduction of CBDC since quite …

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