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RBI Digital Rupee: The Reserve Bank of India (RBI) has said that five more banks and nine new cities will also be included in the retail consumer pilot project on the use of digital rupee. The RBI had issued the Central Bank Digital Currency (CBDC) i.e. e-Rupee for the first time in early December for retail customers. This pilot test is going on with eight banks present in five cities.
RBI Deputy Governor T Ravi Shankar told a press conference after the bi-monthly review of monetary policy that the retail CBDC is currently available only to 50,000 customers and 5,000 merchants. This service is being issued on the basis of invitation from the respective banks. He said that soon five other banks will also be added to its purview. Apart from this, there is a plan to expand it to nine new cities as well.
However, the central bank made it clear that it is in no hurry to adopt digital currency and is in favor of adopting it at a slow pace and after getting rid of the hurdles.
The CBDC was issued by the RBI for wholesale use on November 1, while it was issued for retail use on December 1. The adoption of CBDC is expected to make the inter-bank market more efficient.
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