Date: January 5, 2025
The Reserve Bank of India launched its first pilot project for the digital rupee (wholesale segment) on January 5, 2025, aiming to settle interbank transactions more efficiently. The pilot involves participation from major public and private banks including SBI, HDFC Bank, ICICI Bank, and Bank of Baroda. RBI stated that using CBDC will reduce settlement risks and transaction costs. The retail digital rupee pilot had started earlier in select cities, and this wholesale pilot is a step towards integrating CBDC in financial market operations. Experts said if successful, it could transform the bond settlement system and improve payment infrastructure efficiency in India’s banking sector.