Business News: RBI is going to launch the nation’s first digital rupee pilot project for the wholesale segment. The central bank said in the statement that they will soon launch the nation’s first digital rupee project for specific use cases. However, the first pilot in the digital rupee, wholesale segment shall commence on 1st November 2022.
The central bank further said that the first pilot digital rupee, the retail segment is planned for launch within a month in selected locations is closed user groups which comprising customers and merchants. However, the RBI has selected nine banks for participation in the digital rupee`s wholesale pilot project.
Well, these are some of the biggest banks including State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC. The finance minister Nirmala Sitharaman announced in her budget speech on 1st February 2022 that RBI will be launching a Central Bank Digital Currency (CBDC) this fiscal. And CBDC is a digital form of currency notes that is issued by a central bank.
Additionally, Digital currency or rupee is an electronic form of money that can be used in all contactless transactions.
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