The Reserve Bank of India (RBI) targets to expand the use cases and features of CBDC-Retail and CBDC-Wholesale, according to the central bank’s annual report released on Tuesday. The digital rupee was launched in 2022 on a live-pilot basis.
“During 2023-24, the Reserve Bank aims at expanding the ongoing pilots in CBDC-Retail and CBDC-Wholesale by incorporating various use cases and features. The pilot in CBDC-Retail is proposed to be expanded to more locations and to include more participating banks,” the RBI said in the annual report 2022-23.
The RBI said currency in circulation (CiC) includes banknotes, coins and digital rupee.
“As the Reserve Bank embarks upon the journey of realising the Payments Vision 2025, the steps taken so far towards enhanced outreach, customer centricity, cyber security and digital deepening shall be further consolidated and built upon through the five pillars of integrity, inclusion, innovation, institutionalisation and internationalisation,” the central bank said.
The value of e-Wholesale (e-W) and e-Retail (e-R) in circulation stood at Rs 10.69 crore and Rs 5.70 crore, respectively, as on March 31, 2023.
“In terms of Section 22A of the RBI Act, 1934, denominations as set out in Section 24 of the Act shall not apply to banknotes in digital form. Accordingly, the live-pilot of e-Retail has been launched in denominations of 50 paise, Rs 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2,000, while e-Wholesale does not envisage any denomination,” the RBI said.
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