One Mobikwik Systems Ltd. and Cred have recently initiated their individual e-rupee pilot programs in partnership with the Reserve Bank of India (RBI). This collaboration marks their distinction as the pioneering fintech platforms to join hands with the RBI for the implementation of the central bank digital currency (CBDC). Yes Bank has been selected as … Read more
Kolkata: India’s central bank governor Shaktikanta Das has backed the role of legal digital currencies in fostering trade beyond national frontiers, underscoring how such monetary units limit the scope for intermediaries and help reduce transaction costs linked to the movement of funds. “The biggest potential for CBDC (central bank digital currencies) going forward will be … Read more
The Reserve Bank of India (RBI) introduced the digital rupee (e₹) as a Central Bank Digital Currency (CBDC) with the potential to transform the financial landscape. However, despite being launched over two years ago, it has yet to gain significant traction. By March 31, 2024, the total value of digital currency in circulation for retail … Read more
Governor Shaktikanta Das on Monday said that permanent deletion of transactions can make the e-rupee or central bank digital currency (CBDC) become anonymous and make it at par with paper currency. Speaking at the BIS Innovation Summit, Das said India is also working on making the CBDC transferable in the offline mode along with introducing … Read more
Mumbai: India’s central bank digital currency pilots in wholesale and retail segments have largely met with success since last year, but some banks have recently hit a bump as statutes do not permit the money to be used for meeting the Cash Reserve Ratio (CRR) requirement. A person aware of the development told ET that … Read more
“I think we certainly need to understand the technology, we need to proceed cautiously on building out a rupee CBDC. Also, I think urgency to do it because there is a consumer demand at this point is simply not there,” says Raghuram Rajan, Former RBI Governor & Prof, University of Chicago Booth School. Mythili Bhusnurmath: … Read more
The International Monetary Fund (IMF) cautioned that India’s fiscal space is at risk as it called for a more ambitious and well-communicated consolidation to ensure medium-term fiscal sustainability. In its Article IV consultation report released Friday, the IMF called for further structural reforms, including addressing the adverse impact of climate change, to secure strong and … Read more
Reserve Bank’s first pilot project for retail digital rupee is a “game changer” with durable effects that should ensure better monetary transmission at much lesser costs, SBI Chairman Dinesh Khara said on Friday. The central bank started the pilot project for retail digital rupee (e₹-R) in Mumbai, New Delhi, Bengaluru and Bhubaneswar on Thursday and … Read more
The Reserve Bank of India (RBI) is in the final stages of the rollout of the retail central bank-backed digital currency (CBDC) that will be interoperable with the present forms of payment systems, people aware of the developments said. Officials indicated that the platform for CBDC is being hosted by the National Payments Corporation of … Read more
India is among a handful of nations to have launched the Central Bank Digital Currency (CBDC). There are some risks, primarily cyber risks, associated with CBDC, although its introduction seeks to make business transactions easier. ET takes a look at the use cases and challenges CBDC could bring. WHAT IS CBDC?CBDC is a digital form … Read more