SBI, ICICI Bank, HDFC Bank among the lenders in the RBI list | Rare Techy
Digital money pilot: SBI, ICICI Bank, HDFC Bank among lenders on RBI list
“Five banks have been selected to conduct the pilot with the help of NPCI (National Payments Corporation of India) and RBI. Some customer and merchant accounts will be selected to roll out the retail digital rupee pilot soon,” said one of them. .
More banks may be added to the retail pilot project, the people said.
The RBI is debating whether a new framework for retail CBDC (CBDC-R) should be developed or whether it should be integrated with the existing digital payment system. The digital rupee pilot is expected to go live soon.
The launch of CBDC-R could change the way we make money because “a complete CBDC has the potential to change the way we make money”.
In the first pilot of CBDC-W on November 1, 48 G-Sec trades were made with a total of Rs 275 million. The first G-Sec deal in Central Bank Digital Currency (CBDC) has taken place between ICICI Bank and IDFC First Bank.
Meanwhile, the RBI is reportedly seeking anonymity instead of cash for small-value payments up to Rs 50,000. “Reasonable anonymity for small-value transactions similar to the anonymity associated with physical cash may be a desirable option for CBDC-R,” the bank said in its CBDC concept.
‘Two schools of thought’
“We will have to see what the RBI ultimately decides,” the banker noted, adding that the digital currency aims to reduce the reliance on cash as it still accounts for 80 percent of total retail transactions in in the economy.