Seeing 15k Retail CBDC TXN Per Day: Rabi Sankar
Indian banks are experiencing 15,000 retail central bank digital currency (CBDC) transactions per day, with the Reserve Bank of India aiming to increase this to 1 million by the end of the current year. Deputy Governor T Rabi Sankar stated that the initial efforts have been to make the CBDC interoperable with UPI QR codes, and now the focus will be on transactions. The goal is to increase the daily CBDC transactions from Rs 15,000 to 1 million.
State Bank of India (SBI), HDFC Bank, Bank of Baroda, Canara Bank, Axis Bank, Kotak Mahindra Bank, YES Bank, and IDFC First Bank have enabled Unified Payments Interface (UPI) QR code interoperability with central bank digital currency (CBDC) payments. The RBI launched a pilot CBDC programme in late 2022, with about 5,000 CBDC retail transactions per day. Due to lower volumes, the central bank is considering increasing CBDC use-cases and making the feature available offline.
(With inputs from Shikha Singh)
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