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The Reserve Bank of India (RBI) has embarked on a groundbreaking initiative aimed at transforming the landscape for Micro, Small, and Medium Enterprises (MSMEs) in the country.

The banks that have been penalised are the Baramati Sahakari Bank, the Becharaji Nagarik Sahakari Bank, the Waghodia Urban Co-operative Bank, and the Viramgam Mercantile Co-operative Bank, according to the releases. The central bank has imposed a penalty of Rs 2 lakh each on Baramati Sahakari Bank and Becharaji Nagarik Sahakari Bank, as mentioned in the releases.

In 2022, the RBI floated digital Rupee, India’s very own CBDC, and an electronic form of sovereign currency. 

The pilot project for the wholesale CBDC, also known as the Digital Rupee-Wholesale (e-W), was originally introduced in November of the previous year, , Reserve Bank of India (RBI), Central Bank Digital Currency (CBDC), Digital Rupee

The introduction of CBDC was announced in the Union Budget 2022-23 by Finance Minister Nirmala Sitharaman

The wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was launched in November 2022 for the settlement of secondary market transactions in g

The pilot of the wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities.

The Reserve Bank of India (RBI) is set to launch the pilot of its Central Bank Digital Currency (CBDC) for interbank transactions by October.

"The RBI will introduce the wholesale CBDC in the call market either this month or next month," Choudhary said on the sidelines of the G20 Leaders Summit in New Delhi. 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, were made with the passage of the Finance Bill 2022.

The Reserve Bank is likely to launch the pilot of Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market by October, central bank Executive Director Ajay Kumar Choudhary said on Sunday. The pilot of the wholesale CBDC, known as the Digital