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RBI vide Press Release dated October 7, 2022 had introduced that the Reserve Bank will quickly begin pilot launches of Digital Rupee (e₹) for particular use circumstances. Accordingly, the primary pilot within the Digital Rupee – Wholesale phase (e₹-W) shall begin on November 1, 2022. 2. The use case for this pilot is settlement of secondary market transactions in authorities securities. Use of e₹-W is anticipated to make the inter-financial institution market extra environment friendly. Settlement in central financial institution cash would scale back transaction prices by pre-empting the necessity for settlement assure infrastructure or for collateral to mitigate settlement threat. Going ahead, different wholesale transactions, and cross-border funds would be the focus of future pilots, based mostly on the learnings from this pilot. 3. Nine banks, viz., 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 have been recognized for participation within the pilot. 4. The first pilot in Digital Rupee – Retail phase (e₹-R) is deliberate for launch inside a month in choose areas in closed person teams comprising clients and retailers. The particulars concerning operationalisation of e₹-R pilot shall be communicated sooner or later. (Yogesh Dayal) Press Release: 2022-2023/1118 |
