RBI to commence pilot launch of Digital Rupee for specific use

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The Reserve Bank of India (RBI) announced that on November 1, 2022, it will begin pilot launches of the Digital Rupee (eâ1) for specific use cases. According to the notification, the first Digital Rupee pilot will be in the Wholesale segment (eâ1-W) and will begin on Tuesday.

The pilot will also include nine banks, including 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. “This pilot’s use case is the settlement of secondary market transactions in government securities. The use of eâ1-W is expected to improve the efficiency of the interbank market “In an official statement, the RBI stated. It also stated that settling in central bank money would save money by eliminating the need for settlement guarantee infrastructure or collateral to mitigate settlement risk.

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RBI to commence pilot launch of Digital Rupee for specific use

The Reserve Bank of India (RBI) announced that on November 1, 2022, it will begin pilot launches of the Digital Rupee (eâ1) for specific use cases. According to the notification, the first Digital Rupee pilot will be in the Wholesale segment (eâ1-W) and will begin on Tuesday.

The pilot will also include nine banks, including 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. “This pilot’s use case is the settlement of secondary market transactions in government securities. The use of eâ1-W is expected to improve the efficiency of the interbank market “In an official statement, the RBI stated. It also stated that settling in central bank money would save money by eliminating the need for settlement guarantee infrastructure or collateral to mitigate settlement risk.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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