India launches retail CBDC trial backed by RBI – Katoch Tubes

India gearEd up for Digital Rupee CBDC

About CBDC

CBDC is Central Bank Digital Currency. Built on blockchain technology, digital currency is managed & monitored by  the central banks 

RBI backed Currency

India's CBDC is backed by the Reserve Bank of India. It has the full authority over the digital rupee (ea1).

About the Launch

CBDC was first pilot launched  on 1st Nov 2022 for financial institutions i.e banks. It will check the feasibility and the technology before the rollout.

CBDC Trials for Retail

On Dec 1st 2022. RBI has pilot launched CBDC for retail users to check its feasibility in day-to-day transactions.

Banks Involved

RBI has shortlisted 4 banks including SBI, ICICI, Yes Bank  & IDFC First Bank.

Cities Targeted

For retail CBDC Mumbai, New Delhi, Bengaluru, and Bhubaneswar will be covered in the Phase 1 and later expands to other cities

China Leading the way

Almost every major economy is focused on CBDC. However, China is leading the race by launching its CBDC in 2020 with 261 million users in 2021.

About WholeSale CBDC

Checkout details about CBDC-W for financial institutions

Learn more

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