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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