RBI launches first pilot of Digital Rupee in the Wholesale segment
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- By Chetan Kulasri
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- Last Updated on 2 November, 2022
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Press Release: 2022-2023/1118, Dated 31.10.2022
Earlier, RBI vide Press release dated October 07, 2022 announced to commence pilot launches of Digital Rupee (e?) for specific use cases. Now, the first pilot in the Digital Rupee Wholesale segment (e?-W) shall commence on 01.11.2022. This pilot is for settlement of secondary market transactions in government securities. Further, use of e?-W is expected to make the inter-bank market more efficient.
Also, settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk. Nine banks including SBI, Bank of Baroda, HDFC Bank, ICICI Bank, Yes Bank, Kotak Mahindra Bank, IDFC First bank etc. have been identified for participation in the pilot.
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