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Retail CBDC transactions are averaging close to 18,000 a day, way short of the RBIs one million-a-day target by 2023 end. The features include allowing digital rupee transactions when a customer is offline and linking the e-rupee to Indias popular Unified Payments Interface (UPI), three of the people quoted above said.
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 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 RBI launched the pilot for its wholesale central bank digital currency in November. While there have been few transactions, RBI executive director Ajay Choudhary says the use cases are being tested in silos deliberately
Several banks have recently enabled a new functionality for their customers who are transacting using e-Rupee or Digital Rupee, which is India's Central Bank Digital Currency (CBDC) product. This new functionality enables Digital Rupee users to scan UPI QR codes to make payments in CBDC. Read here for details.