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RBI deputy governor T Rabi Sankar said on Thursday that the number of retail CBDC transactions would rise exponentially in coming months as interoperability with UPI QR codes would kick in.
"Why is the average cost of transaction for retail 6%? It is not (because of) technology, technology can be made", said Rabi Sankar, at the Global Fintech Festival. "It's a question of consensus that has to arise globally and a commitment that has to come up on changing these systems (among central banks)."
India Business News: NEW DELHI: The Reserve Bank of India (RBI) is looking to expand the use of Central Bank Digital Currency (CBDC) in the call money market, while hoping.
Airtel Payments Bank, IDEMIA, and HMD Global have partnered to introduce Central Bank Digital Currency (CBDC) on feature phones in India. The collaboration aims to develop an advanced offline payment system that will enable the use of digital rupees on feature phones, promoting financial inclusion. IDEMIA will provide an offline layer to ensure secure transactions without online validation.
The Reserve Bank of India is looking to expand the use of central bank digital currency or e-rupee for a broader range of wholesale transactions, according to official sources. The central bank introduced the wholesale pilot for CBDC transactions last year, limited to government bond auctions. In July, ET reported that RBI had carried out initial trials of digital currency in the interbank call money market.