Reserve Bank of India (RBI) said that the first pilot programme for the Digital Rupee (Wholesale sector) of the Central Bank Digital Currency will begin on Tuesday for transactions involving government securities.
According to a statement released by the RBI on Monday, the pilot’s use case involves the settlement of secondary market transactions involving government securities.
Nine banks have been chosen to take part in the pilot: State Bank of India (SBI), Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC.
The RBI further stated that the launch of the first trial for the Digital Rupee-Retail segment is anticipated to take place within a month in a few key areas with select closed user groups made up of consumers and retailers.