RBI shortlisted banks to work on

retail CBDC pilot

November 15, 2022


has shortlisted banks to work on the retail pilot project of CBDC.

As per ET reports, out of five, these 4 banks are namely

State Bank of India, ICICI Bank, IDFC First Bank and HDFC Bank.

Reports detailed, citing people familiar with the matter, that RBI can

add more banks

to this project.

RBI is working on

two types

of central bank digital currency.

The first is for the

wholesale market,

and its pilot project is already underway whereas the other is for retail.

It is expected that pilot for retail digital rupee will be

live soon.

The central bank is considering whether to build a new framework for digital currencies or make retail CBDCs interoperable with

current digital payment systems.