RBI Commences CBDC Pilot In Call Money Market

A senior official from the Reserve Bank of India (RBI) announced that the central bank has initiated a pilot programme for the wholesale use of the central bank digital currency (CBDC) within the call money market. 

Ajay Kumar Choudhary, the executive director at RBI, confirmed the launch of the pilot but mentioned that the volumes at this stage are relatively low. He explained that this phase is primarily designed to test the functionality of the system, accounting procedures and various other elements.

Choudhary went on to discuss the growth of CBDC transactions in the retail segment. Currently, these transactions are averaging around 18,000 to 20,000 per day. However, he expressed confidence that these numbers will see significant growth in the coming months, with a target of achieving 1 million daily transactions by December. 

He also noted that the upcoming festival season is expected to contribute to the increase in transaction volumes.