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The Reserve Bank of India is planning to introduce wholesale a central bank digital currency (CBDC) in the call money market, an official told reporters. RBI is now planning to go interbank borrowing market, specifically call money market. India's CBDC is currently in a pilot phase across the retail and wholesale segments
New Delhi:Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) as token for interbank borrowing or call money market, RBI sources said on Tuesday. The pilot in wholesale segment, known as the Digital Rupee -Wholesale (e₹-W), was launched on November 1, 2022, with use case being limited to the settlement of secondary market transactions in government securities.
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Digital Rupee: The central bank launched the first pilot of the digital rupee on October 31, 2022, in the wholesale segment and identified nine banks as participants.
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 was made with the passage of the Finance Bill 2022.