SBI HDFC ICICI Selected by RBI for Retail CBDC Pilot Report | Rare Techy

The Reserve Bank of India (RBI) has launched its digital currency pilot project in full force. The central bank has announced that it has selected five banks to work on the ‘Central Bank Digital Currency’ (CBDC) retail project. The pilot for the same is expected to go live soon.

The shortlisted banks for this project include banks like ICICI, HDFC, State Bank of India (SBI), IDFC First, etc. which will conduct operations with National Payments Corporation of India (NPCI) and RBI. More banks are expected to join this list soon. RBI is considering whether retail CBDC or digital currency should be compatible with existing digital payments or whether it should be created for the same new framework.

The report also mentions that the RBI is also considering some changes in the digital money market, for which it will work with the Unified Payments Interface (UPI). It is reportedly discussing making existing QR codes and UPI platforms compatible with CBDC-R.