RBI announced the launch of the 1st pilot for retail digital rupee on 1st December.
The Reserve Bank of India announced the launch of the first pilot for a retail digital rupee on 1st December 2022.
As per the RBI press release, eight banks have been identified for phased participation in this pilot.
The first phase will start with four banks including State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country. Four more banks including Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will later join this pilot.
The pilot would initially cover four cities, including Mumbai, New Delhi, Bengaluru and Bhubaneswar and later extend to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla.