RBI plans to test some more use cases in wholesale pilot of CBDCs, says RBI Governor

"I would like to use this opportunity to urge and encourage the FinTechs to establish a Self-Regulatory Organization themselves," Shaktikanta Das said in a speech.

The Reserve Bank of India (RBI) Governor Shaktikanta Das on September 6 said the central bank is planning to test some more use cases in the wholesale pilot of central bank digital currency (CBDC).

Speaking at the Global Fintech Fest 2023, Das said, "Now we are planning to test some more use cases in wholesale pilot of CBDCs."

The central bank has launched the wholesale pilot of the CBDC on November 1, 2022, to settle the settle secondary market transactions in government securities.

Das further said that CBDC needs to be introduced in a non-disruptive manner. Therefore, the central bank is following a strategy of calibrated and phased implementation.

"CBDC provides unique opportunities as it represents the next milestone in the evolution of the payment system," Das said.

Last year, the central bank also launched retail pilot of CBDCs. This covered both person-to-person and person-to-merchant transactions.

"The pilot is testing the robustness of the entire process of digital rupee creation, distribution and retail usage in real time," Das said.

In the retail pilot space, the central bank governor said, around
1.46 million users and 0.31 million merchants are currently part of the
pilot as on August 31, 2023.

Whereas, the pilot is currently being operated through 13 banks across 26 cities.

Earlier today, some media reports said that the central bank is planning to extend CBDC for transactions for interbank borrowing or call money market.