[Press Release] RBI Launches CBDC Pilot with Blockchain Components

Press Release Dated 13.12.2022

The Union Minister of State for Finance Shri Pankaj Chaudhary, in a written reply to a question in Lok Sabha stated that CBDC pilot launched by the RBI in retail segment has components based on block chain technology. The RBI had issued a concept note on CBDC on 071.10.2022. He further stated that RBI has identified eight banks for phase-wise participation in the retail pilot project. The first phase includes four banks. Subsequently, another four banks, will participate in the retail pilot.

The first phase includes four banks, namely the State Bank of India, the ICICI Bank, the Yes Bank and the IDFC First Bank. Subsequently, another four banks, viz., the Bank of Baroda, the Union Bank of India, the HDFC Bank and the Kotak Mahindra Bank will participate in the retail pilot. Users will be able to transact with e?- R through a digital wallet offered by the participating banks.

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