RBI may introduce digital rupee experimentally in call money market by October
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Finance Minister Nirmala Sitharaman had announced the launch of CBDC in the General Budget 2022-23. With the passage of the Finance Bill, 2022, necessary amendments were made in the relevant section of the RBI Act, 1934.
The Reserve Bank of India (RBI) may launch a digital rupee on an experimental basis for transactions in interbank borrowing or call money markets by October. Central Bank Executive Director Ajay Kumar Chaudhary said this on Sunday.
The wholesale central bank digital currency (CBDC), known as Digital Rupee-Wholesale (E-W), was launched on November 1, 2022. Its use was limited to settlement of secondary market transactions in government securities. “The Reserve Bank will offer wholesale CBDCs in the call market this month or next month,” Chaudhary said on the sidelines of the G20 leaders’ summit here.
Finance Minister Nirmala Sitharaman had announced the launch of CBDC in the General Budget 2022-23. With the passage of the Finance Bill, 2022, necessary amendments were made in the relevant section of the RBI Act, 1934. The RBI has selected nine banks – State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC – for its pilot project of wholesale CBDC.
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