Many banks are participating in the first pilot project of digital rupee launched by RBI. | Techno Glob

Several banks, including ICICI Bank and Bank of Baroda, have joined the first pilot project of the digital rupee launched by the Reserve Bank on Tuesday for remittances at the Government Securities Bank.

According to sources, ICICI Bank sold GS 2027 bonds in Central Bank Digital Currency (CBDC) to IDFC First Bank.

Grand total, They said there were 48 deals worth Rs 275 crore made with digital rupees.

State Bank of India; Bank of Baroda and Kotak Mahindra Bank have joined the Digital Rupee – Wholesale Segment (e?-W) project.

On Monday, The Reserve Bank of India (RBI) also announced that it plans to launch the first pilot in the retail segment – ​​the digital rupee – within a month at select locations in closed user groups comprising customers and merchants.

During the introduction, The RBI said central bank money payments could reduce transaction costs by pre-empting the need for payment insurance infrastructure or margin payments to mitigate settlement risk.

Nine banks namely State Bank of India (SBI); Bank of Baroda Union Bank of India; HDFC Bank ICICI Bank Kotak Mahindra Bank; Yes Bank The RBI said it has identified IDFC First Bank and HSBC. In the pilot project.

CBDC is a form of digital currency issued by a central bank.

In the Union Budget tabled in Parliament in February this year, the government announced the issuance of the digital rupee from the 2022-23 financial year.

Around the world, More than 60 central banks have expressed interest in CBDCs by introducing them under pilot projects in both retail and wholesale categories. Many others are researching their own CBDC framework; Testing and/or commissioning.

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