The Reserve Bank of India (RBI) will commence the pilot program of the Digital Rupee in the wholesale segment on November 1, 2022,
The RBI will launch the Central Bank Digital Currency-Wholesale for specific use cases meant for a wholesale segment.
The participation of nine 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, in the pilot.
Digital Rupee or e-rupee, according to RBI, is the legal tender issued by a central bank in a digital form.
Retail (CBDC-R) and Wholesale (CBDC-W) are the two types of Digital Rupee that the Central Bank has conceptualized till now.
CBDC-R is available for use by all private sector, non-financial consumers, and businesses, per the RBI.
A CBDC is freely convertible against commercial bank money, and holders need not have a bank account to possess it.
While CBDC and cryptos are Digital assets, the latter is a decentralized token and is not backed by the government.