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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.

The Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market, sources said on Tuesday. The pilot in the wholesale segment, 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. 'RBI is now planning to go into the interbank borrowing market.

PTPFC aims to connect borrowers and lenders and make credit or loans more accessible to millions of individuals looking for small loans. This platform will help in seamless disbursal of non-collateral based loans for MSMEs, Kisan Credit Card loans up to ₹1.6 lakh

RBI Governor said the RBI is slowly and steadily expanding the CBDC pilots to more banks, cities, people and use cases.

In this weekly post, we round-up FinTech-related financial services regulatory developments for the week ending 18 August 2023. ICYMI Biden…