UCO Bank Gets RBI Approval for CBDC
UCO Bank has been approved to join the Central Bank Digital Currency (CBDC) pilot project by the Reserve Bank of India (RBI).
Managing Director and CEO Ashwani Kumar announced the decision in a media statement. The bank will initially focus on the retail segment and later consider other segments as opportunities arise.
The RBI has started a wholesale pilot of CBDC in the call money market, but volumes are not high as it is a test of the system, accounting, and multiple aspects.
The bank will participate in the CBDC pilot project by the end of September 2023, with the initial focus on the retail segment. The central bank’s executive director, Ajay Kumar Choudhary, stated that the wholesale pilot is a test of the system, accounting, and other aspects.
(With inputs from Shikha Singh)
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