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India To Start Retail CBDC Pilot In Four Cities

The Reserve Bank of India will begin testing the digital rupee, its retail central bank digital currency (CBDC), in Mumbai, New Delhi, Bengaluru, and Bhubaneswar.

The CBDC will be tested with a small group of consumers and merchants, and it will be issued in the same denominations as notes and coins. Payments to retailers will be made via QR codes, and the digital rupee, like cash, will not accrue interest.

The pilot will begin with four banks, including the State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank, the central bank stated on Tuesday. It will be expanded to nine more cities and four additional institutions later, according to the RBI.

As Coincu reported, the decision to begin the pilot on December 1 was made in October. During her February budget speech, Finance Minister Nirmala Sitharaman revealed plans to issue a digital rupee in the fiscal year ending in 2023. The fiscal year in India ends on February 28.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.