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The pilot project for the wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was launched on November 1, 2022.

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.

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.

The e₹-R would be in the form of a digital token that represents legal tender, distributed through intermediaries, i.e., banks. It would be issued in the same denominations that paper currency and coins are currently issued.