The Reserve Bank of India declared on Monday that it will introduce the digital rupee as a pilot project for wholesale market transactions on November 1. According to a statement from the RBI, the digital rupee would be used to settle interbank transactions involving government-issued bonds.
While being issued electronically, digital currency will be functionally equivalent to banknotes.
Nine banks will participate in the pilot project, according to the Reserve Bank of India: 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.
The Reserve Bank of India declared on Monday that it will introduce the digital rupee as a pilot project for wholesale market transactions on November 1. According to a statement from the RBI, the digital rupee would be used to settle interbank transactions involving government-issued bonds.
While being issued electronically, digital currency will be functionally equivalent to banknotes.
Nine banks will participate in the pilot project, according to the Reserve Bank of India: 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.
The Reserve Bank of India will launch a digital rupee during the course of the fiscal year, according to an announcement made by Union Finance Minister Nirmala Sitharaman on February 1 in the annual Budget speech.
Sitharaman had stated in her address that the introduction of a central bank digital currency would significantly stimulate the digital economy. A more efficient and economical method for managing currencies will be produced by the usage of digital currency.
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