Breaking: India Drops Final Date For Pilot Launch Of Digital Rupee

The Reserve Bank of India (RBI), after much anticipation, finally announced the date for the pilot launch of the Digital Rupee. The Central bank has also identified nine major banks that will be commencing the first phase of the Indian digital Rupee.

CBDC India finally gets launch date

As per reports, the RBI will initiate the release of the Digital Rupee (e₹-W) on Tuesday, November 1, 2022. However, this will be the wholesale segment of the digital rupee used for transactions in government securities.

The Indian Central Bank has also laid out the list of nine major banks that will be taking part in the pilot launch. As per the release these banks will be the 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.

It is mentioned that the use case for pilot CBDC India will be a settlement of secondary market transactions in govt securities.

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