The Reserve Bank of India (RBI) is reportedly in the final stages of rolling out the retail version of the Central Bank Digital Currency (CBDC), the digital rupee.
The retail CBDC will be compatible with existing payment systems. The RBI launched the CBDC wholesale version on November 1. CBDC was used in 48 transactions totaling INR 275 crore on the first day. Customers and merchants will be asked to download a wallet to store the digital rupee, after which they will be able to request denominations from their banks. The retail CBDC pilot includes eight banks (SBI, Bank of Baroda, Union Bank of India, HDFC, ICICI, Kotak Mahindra, Yes Bank, and IDFC First).
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The Reserve Bank of India (RBI) is reportedly in the final stages of rolling out the retail version of the Central Bank Digital Currency (CBDC), the digital rupee.
The retail CBDC will be compatible with existing payment systems. The RBI launched the CBDC wholesale version on November 1. CBDC was used in 48 transactions totaling INR 275 crore on the first day. Customers and merchants will be asked to download a wallet to store the digital rupee, after which they will be able to request denominations from their banks. The retail CBDC pilot includes eight banks (SBI, Bank of Baroda, Union Bank of India, HDFC, ICICI, Kotak Mahindra, Yes Bank, and IDFC First).
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.
