The Reserve Bank of India will launch a pilot retail CBDC pilot program in December

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The digital rupee is not intended to replace the existing payment system. News The Reserve Bank of India (RBI), having tested the wholesale use of its central bank digital currency, (CBDC), is now preparing to launch the retail pilot of the “digital Rs.” According to the Economic Times of India the RBI is currently in the final stages of preparing for the rollout of retail digital rupee pilot. The participants include the State Bank of India and Bank of Baroda as well as ICICI Bank, Union Bank of India (UBI), HDFC Bank, Kotak Mahindra Banks, Yes Banks, and IDFC First Bank. According to reports, the pilot will eventually include all commercial banks in India. Each bank will test the CBDC with 10,000 to 50,000 users. The banks will work with PayNearby or Bankit to integrate the new payment option. The National Payments Corporation of India will hold the CBDC infrastructure. Indian journalists were told by an anonymous source that the e-rupee would be stored in a wallet and the denominations would be available at the customer’s request. This is similar to cash withdrawals from ATMs. This is being launched by banks in selected cities. According to reports, the digital rupee is meant to be an addition to the existing payment system and not replace it. On Nov. 1, the RBI launched the wholesale segment pilot for digital rupee. Its primary use was the settlement of secondary market transactions with government securities. The press has not yet received any information about the successful conclusion of the wholesale pilot.