RBI issues Rs. 1.71 crore of digital rupee for retail pilot day 1

The pilot project for central bank digital currency (CBDC) in the retail segment went live with the Reserve Bank of India (RBI) issuing Rs 1.71 crore to four participating banks based on their indents.

The central bank has identified four banks for the first phase of the pilot — State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank — in four cities, Mumbai, New Delhi, Bengaluru and Bhubaneswar. The highest indent was received from one private sector bank.

While the pilot was started with Rs 1.71 crore of digital currency, but depending on the user demand and bank’s liquidity requirements, the token indent and issuances to banks will keep evolving dynamically, sources said. The central bank will be creating more digital rupee as demand from banks comes in over the next few days.