RBI Starts Wholesale Pilot In Call Money Market
The Reserve Bank of India (RBI) has initiated a wholesale pilot of Central Bank Digital Currency (CBDC) in the call money market.
The pilot aims to test the system, accounting, and various aspects of the Central Bank Digital Currency (CBDC).
The call money market is where banks borrow or lend each other for short-term, usually a day, at market-determined rates.
The pilot is part of the wholesale pilot of government securities, launched on November 1, 2022, to settle secondary market transactions in government securities.
The nine participating banks are State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC. The volumes are not very high as it is a test of the system and accounting.
(With inputs from Shikha Singh)
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