India’s first Digital Rupee pilot project will begin today. On November 1, the Reserve Bank of India (RBI) will launch a pilot program for a digital rupee backed by the central bank for the wholesale sector. in a statement on ‘Operationalisation of Central Bank Digital Currency-Wholesale (e ₹-W) Pilot’, RBI said”…the first pilot in the Digital Rupee – Wholesale segment shall commence on November 1, 2022,”

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Nine banks have been identified to participate in the wholesale pilot program for digital rupee

On November 1, 2022, the Reserve Bank of India (RBI) will launch the Digital Rupee pilot program in the wholesale sector.

Nine banks have been selected by the regulator to participate in the pilot, 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.

What is Digital Rupee?

A digital version of currency notes issued by a central bank is known as a Central Bank Digital Currency (CBDC) or Digital Rupee.

A form of electronic money that can be used in contactless transactions is digital currency, or rupee.

Finance Minister Nirmala Sitharaman stated that the Reserve Bank of India (RBI) would soon launch its digital currency when presenting the Union Budget 2022.

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