First pilot of Digital Rupee to commence on November 1: RBI

The Reserve Bank said the first pilot of the Central Bank Digital Currency -- Digital Rupee (Wholesale segment) will be launched on Tuesday for transactions in government securities.

The use case for the pilot is the settlement of secondary market transactions in government securities, the RBI said in a statement on Monday.

Nine banks -- State Bank of India (SBI), Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC -- have been identified for participation in the pilot.

The RBI also said the first pilot of the Digital Rupee - Retail segment is planned for launch within a month in select locations in closed user groups comprising customers and merchants.