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Apply NowCentral Bank Digital Currency (CBDC) is the digital legal tender issued by the Reserve Bank of India and will simply be the Digital Rupee. In its concept note released on 7 October 2022, RBI proposed the CBDC in two forms – retail and wholesale. Accordingly, these two types of CBDC are referred to as CBDC-R and CBDC-W.
The CBDC will have the same characteristics as a sovereign currency and have the same exchange value. Compared to other forms of digital money, CBDC is different as it is a direct liability for the RBI.
The first pilot program on the wholesale segment of digital currency was initiated on 1 November 2022. The pilot will test the settlement of government securities transactions in the secondary market. The nine banks participating in this pilot are IDFC FIRST Bank, State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank and HSBC.
The first pilot of the CBDC-R has been launched in select locations for a closed group of customers and merchants. Future pilots will test other wholesale transactions and cross-border payments, using the learnings from the first pilot.
The RBI expects the Digital Rupee to bring more efficiency to monetary and payment systems. It is also expected to expand financial inclusion and strengthen the nation’s economy. However, CBDC is not seen as a replacement for the current currency system. Instead, it is expected to complement the system with a digital alternative.
Here are a few reasons why CBDC’s impact is expected to be positive:
By introducing the digital rupee, India has joined the list of selected countries which are at various stages of Central Bank Digital Currency research and initiation, including China, the USA, Russia, and the Bahamas. CBDC-W is also in a pilot phase in Singapore. It must be noted that countries are taking their time in drawing a conclusion, with many countries still undecided after much deliberation.
In India, RBI has outlined the benefits and risks of CBDC and continues to assess its impact on the regulatory, monetary, and fiscal policies of the country. With these considerations as the baseline, RBI is expected to continue with the initial trials of CBDC at wholesale and retail levels in the days to come.
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