After so much waiting, the Reserve Bank of India (RBI) has officially revealed the day for the experimental Digital Rupee launch. The Indian digital rupee’s initial phase will be launched by nine large banks, according to the central bank.
According to reports, the RBI will start releasing the Digital Rupee. Nevertheless, for deals involving government securities, this will be the digital rupee’s wholesale section.
9 major banks that will participate in the pilot launch have also been listed by the Indian Central Bank. Union Bank of India, The State Bank of India, Kotak Mahindra Bank, Bank of Baroda, HDFC Bank, IDFC First Bank, ICICI Bank, Yes Bank, and HSBC are listed as the banks in the announcement.
It is stated that settling secondary trading activities in government securities will be the use case for the pilot CBDC India. The RBI noted in a concept note on CBDC that e-rupee will render the payment systems more organized. It will, nevertheless, also prevent money laundering, a worrisome criminal activity in the cryptocurrency industry.
The adoption of CBDC India, according to the press release, will improve the efficiency of the interbank market. But central bank money settlement will also reduce transaction costs.
Nevertheless, the Digital Rupee’s retail segment trial launch will not happen until December. It will be accessible at the chosen places to closed user groups, including clients and business owners. The RBI will soon provide its findings.