RBI likely to start digital rupee pilot in call money market by October

The Reserve Bank is likely to launch the pilot of Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market by October, central bank Executive Director Ajay Kumar Choudhary said.

The pilot of the wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities.

“The RBI will introduce the wholesale CBDC in the call market either this month or next month,” Choudhary said on the sidelines of the G20 Leaders’ Summit here.