Wholesale CBDC usage to be expanded to call money market

New Delhi, September 5

The Reserve Bank of India (RBI) is planning to extend wholesale Central Bank Digital Currency (CBDC) as token for interbank borrowing or call money market, RBI sources said on Tuesday.

The pilot in wholesale segment, known as the Digital Rupee-Wholesale, was launched on November 1, 2022, with use case being limited to the settlement of secondary market transactions in government securities.

“The RBI is now planning to go into interbank borrowing market. The purpose of wholesale CBDC has been to try out different technologies…experimenting on technology is relatively easier for wholesale pilot because participants are related,” RBI sources said. — PTI

PNB rolls out CBDC-UPI interoperability

State-owned Punjab National Bank (PNB) on Tuesday announced the launch of Central Bank Digital Currency (CBDC) with Unified Payments Interface (UPI) interoperability feature in its digital rupee mobile application.