These banks took the digital currency of the Reserve Bank hand-in-hand, so many transactions happened on the first day

Pankaj Prasad
RBI Digital Currency
RBI Digital Currency

RBI started testing its digital currency pilot program in India on 1 November.

RBI Digital Currency: RBI on Tuesday started pilot testing of its digital currency in India. State Bank Of India (SBI), Bank Of Baroda (BOB), Union Bank Of India, HDFC Bank, Kotak Mahindra Bank, ICICI Bank, IDFC First Bank, Yes Bank and HSBC Bank also participated in this pilot testing along with RBI. took. Let us tell you that the pilot testing of digital currency transactions of RBI in the country proved to be a successful test. During testing on the very first day, 48 transactions were done and their total amount was Rs 275 crore.

Many banks took part

Several banks, including ICICI Bank and Bank of Baroda, participated in the first pilot trial of 'Digital Rupee' launched by the Reserve Bank of India (RBI) for transactions in government securities.

Altogether there were 48 deals worth Rs 275 crore

According to sources, ICICI Bank sold GS 2027 securities to IDFC First Bank using 'Central Bank Digital Currency' (CBDC). He said that there were 48 deals worth Rs 275 crore with Digital Rupee. State Bank of India, Bank of Baroda and Kotak Mahindra Bank also participated in the first pilot trial of Digital Rupee (Wholesale segment).

Testing will start soon in the retail sector

While announcing the start of the first pilot trial of Digital Rupee (Wholesale segment), RBI had said that- The first pilot trial of Digital Rupee (Retail segment) is planned to be started within a month. This test will be conducted in select locations among specific user groups, which include customers and businesses.

Settlement cost likely to come down

Settlement of transactions in RBI's digital currency is likely to bring down the disposal cost. CBDC is the digital form of monetary notes issued by a central bank. Central banks around the world are exploring the possibilities of introducing CBDCs. The government had announced the introduction of digital rupee in the budget of the financial year 2022-23.