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 — 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 — have participated in the pilot. The commencement of trades in the rupee comes after the central bank earlier this month said the RBI will soon start pilot launch of the digital rupee for specific use cases.

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History of this topic

RBI’s Digital Rupee: Google, PhonePe, Amazon Pay, Cred, and Mobikwik To join digital currency pilot project
4 months, 2 weeks ago

RBI’s Digital Rupee: Google, PhonePe, Amazon Pay, Cred, and Mobikwik To join digital currency pilot project

The Hindu  

Google, PhonePe, Amazon Pay, Cred and Mobikwik are looking to join Indian central bank’s digital currency project by offering transactions in e-rupee, a digital alternative to the physical currency. The news comes as transactions using the digital currency reached over a million a day last year, however, they have declined ever since, to about 100,000-200,000 a day. However, in April …

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, …

India's Financial Intelligence Unit Registers Over Two Dozen Crypto Service Providers
1 year ago

India's Financial Intelligence Unit Registers Over Two Dozen Crypto Service Providers

ABP News  

In a notable development for the Indian cryptocurrency sector, over two dozen digital currency service providers have registered with India's Financial Intelligence Unit. Here are some key case studies and developments: Enforcement Directorate's Proactive Measures India's Enforcement Directorate has been actively investigating several money laundering cases through cryptocurrencies. Regulatory Framework Strengthening India has subjected cryptocurrency trading to anti-money laundering laws, …

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 …

Crypto India Tax PMLA State Future Regulation RBI CBDC Digital Rupee ABP Live TV
1 year, 3 months ago

Crypto India Tax PMLA State Future Regulation RBI CBDC Digital Rupee ABP Live TV

ABP News  

Crypto is often called the "Internet of Value" and for good reason. Here’s Why Crypto Could Prove Important To India Remittances: A Game Changer India holds the global top spot for remittance receipts, raking in approximately $80 billion annually. Crypto and decentralised technologies are not merely optional but vital to safeguarding India's national sovereignty. Enterprise Adoption A consortium of 15 …

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 …

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 worth over ₹130 crore in circulation: Sitharaman
1 year, 9 months ago

E-rupee worth over ₹130 crore in circulation: Sitharaman

The Hindu  

Digital or e-rupee worth over ₹130 crore is in circulation on a pilot basis as of February 28, Finance Minister Nirmala Sitharaman said on March 13. Nine banks, viz., 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, have been participating in the digital …

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 …

Reliance Retail partners Innoviti to enable digital rupee payment in stores
1 year, 10 months ago

Reliance Retail partners Innoviti to enable digital rupee payment in stores

Live Mint  

New Delhi: Innoviti Technologies, a payments-focused financial-tech firm, in collaboration with Reliance Retail, ICICI Bank and Kotak Mahindra Bank, on Thursday announced the introduction of in-store payments via Digital Rupee-Retail. “After being the first to introduce dynamic QR based in-store UPI payments, Reliance Retail, in continuance of its endeavour to create convenient and seamless payment experience for customers, becomes the …

Watch: Anand Mahindra buys fruits using e-rupee
1 year, 10 months ago

Watch: Anand Mahindra buys fruits using e-rupee

Live Mint  

India’s central bank – the Reserve Bank of India introduced e-rupee digital currency pilot on December 1, 2022. Mahindra & Mahindra chairperson Anand Mahindra has recently shared a video on microblogging site Twitter where the billionaire can be seen putting the digital currency to use. “At the Reserve Bank’s board meeting today I learned about the @RBI digital currency-the e-rupee. …

Digital rupee not the magic bullet Central government is hoping for
1 year, 11 months ago

Digital rupee not the magic bullet Central government is hoping for

The Hindu  

Published : Dec 29, 2022 10:30 IST In recent times, the financial world has been in a state of excitement after the Reserve Bank of India announced the launch of the pilot for a retail digital rupee on December 1. Crypto gamble It is to be noted that with the threat of cryptocurrency, which began with Bitcoin in 2009, now …

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 …

Digital rupee a 'game changer', says SBI Chairman Dinesh Khara
2 years ago

Digital rupee a 'game changer', says SBI Chairman Dinesh Khara

India TV News  

Digital rupee : SBI Chairman Dinesh Khara today said the Reserve Bank's first pilot project for retail digital rupee is a game changer with durable effects that should ensure better monetary transmission at much lesser costs. The pilot project for retail digital rupee, RBI's central bank digital currency started in Mumbai, New Delhi, Bengaluru and Bhubaneswar on Thursday and State …

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 …

RBI to launch Digital Rupee pilot in 4 cities today: Supported banks, and more details
2 years ago

RBI to launch Digital Rupee pilot in 4 cities today: Supported banks, and more details

India Today  

The first pilot of the Reserve Bank of India-issued digital Rupee will begin today, December 1. The central bank earlier this week announced that the digital currency will begin with four banks - State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country. In a release, RBI stated, "The pilot will test …

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 …

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

RBI to launch pilot of retail digital rupee on 1 December

Firstpost  

‘It would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued,’ RBI said Mumbai: 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 …

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, …

’Missing big picture’: Zerodha’s Nikhil Kamath responds to critics of e-rupee
2 years, 1 month ago

’Missing big picture’: Zerodha’s Nikhil Kamath responds to critics of e-rupee

Live Mint  

This month the Reserve Bank of India made a historic decision for India's banking ecosystem. The federal bank started a pilot program of its digital currency allowing select banks to use it for settling secondary-market transactions in government bonds. The RBI Governor termed the launch of the central bank digital currency as a landmark moment in the history of currencies …

E-rupee for retail users to be launched this month: RBI governor
2 years, 1 month ago

E-rupee for retail users to be launched this month: RBI governor

Live Mint  

The RBI has started a pilot program of its digital currency from Tuesday, allowing select banks to use it for settling secondary-market transactions in government securities. Reserve Bank of India's monetary policy committee will meet on Thursday, outside its scheduled meetings, to discuss its first ever inflation target miss, which will require it to write a letter to the government. …

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 …

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 …

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 …

30% tax on cryptocurrency: India’s plunge in the realm of digital currency
2 years, 10 months ago

30% tax on cryptocurrency: India’s plunge in the realm of digital currency

Op India  

The exponential growth of the cryptocurrency in India was just a phenomenon until it was given a considerable attention by the government. Taking a conservative stand on the taxation of digital currency, Finance Minister Nirmala Sitharaman on Tuesday announced that government would earn 30% behind every penny of profit earned by way of transfer of virtual money. The launch of …

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 …

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