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Description

Launch of Central Bank Digital Currency Wholesale Pilot

On 1 November 2022, the Reserve Bank of India (RBI) launched a pilot for a Central Bank Digital Currency (CBDC) Wholesale in India (e₹-W). In the first part of the pilot, the digital rupee will be used for government securities when conducting secondary market transactions. In the second phase, the digital Rupee will be tested for wholesale and cross-border transactions. Nine banks are involved in the pilot: State Bank, Bank of Baroda, Union Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC. Finally, the RBI noted that a retail segment of the digital rupee would be launched in one month.

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Scope

Policy Area
Authorisation, registration and licensing
Policy Instrument
Authorisation of goods or services
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
other regulatory body

Complete timeline of this policy change

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2022-10-07
under deliberation

On 7 October 2022, the Reserve Bank of India released a Concept Note on a Central Bank Digital Curr…

2022-11-01
in force

On 1 November 2022, the Reserve Bank of India (RBI) launched a pilot for a Central Bank Digital Cur…