RBI's digital currency has got off to a good start. It was launched on 1 November. Explain that under the pilot project of CBDC, banks have been allowed to use it for transactions of government securities i.e. government securities only in the wholesale segment. Nine banks are involved in this pilot project. Many of these banks have done 48 transactions involving government bonds using digital virtual currency on the very first day of launch, their value is around Rs 275 crore.
The RBI has currently approved CBDC as a pilot project. It will be carried forward in several phases in the future and during this time everyone will be allowed to use it after removing the flaws. The nine banks that have been initially allowed to participate in the pilot project of CBDC are State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC. Banks are included.
Also Read: RBI launches pilot digital currency: No need to keep cash, CBDC wholesale starts with 9 banks
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