Japan and other advanced economies are seeking to catch up with China, which is at the fore of a global race to develop CBDCs and has ramped up pilot schemes for retail payments.
Customers of ICICI Bank, Yes Bank, Bank of Baroda and IDFC First Bank who participated in the retail digital rupee pilot have complained of technical problems and issues while making payments
Both central banks will collaborate on various emerging areas of FinTech, especially Central Bank Digital Currencies.
CBDC will continue to be here and will be tested for all use cases, says RBI's executive director Ajay Kumar Choudhary
The next big thing will be credit in India and getting a loan will be as easy as making a payment in the next 3-4 years, Nilekani said.
India is showcasing the progress it has made in digital payments infrastructure, with the first meeting of the Digital Economy Working Group of the G20 taking place earlier this month
The comments by the multilateral agency's managing director come amid the meeting of G20 finance ministers and central bank governors in Bengaluru.
We are gradually working on increasing the scope of retail central bank digital currency (CBDC) system, RBI Deputy Governor said
The Reserve Bank of India is encouraging fintech companies to create innovative solutions for Central Bank Digital Currencies (CBDCs) that can be accessible to citizens without internet access.
Reliance Retail has partnered with Innoviti Technologies, ICICI Bank & Kotak Mahindra Bank to enable acceptance of Digital Rupee
Economic Survey 2023: RBI’s Digital Rupee will also boost efficiency and encourage innovation in cross-border payments
South Indian Bank has produced two financially healthy quarters and is expecting double-digit growth in the coming quarter. In an exclusive interview with Moneycontrol, Murali Ramakrishnan spoke about a range of issues including the bank’s strategy to grow as a pan-India bank, trends in credit and business growth and expectations from the 2023 Union Budget.
User anonymity, security of digital wallets and confusion over offline transactions are among the concerns raised over the retail e-rupee
While Nilekani stressed the importance of AA, he also said that the Open Network for Digital Commerce and the Central Bank Digital Currency would be among the key factors in the country's digital journey in the period to come
Rabi Sankar also said regulators, globally, should be more forthright when dealing with new concepts. According to the central banker, the "crypto craze" may not have become so big if regulators had not provided an implicit approval of sorts by saying they need to be regulated
Since the launch of the pilot programe of the retail central bank digital currency, there has been some confusion about where the digital currency and UPI fit.
The RBI has begun experiments on both the wholesale and retail versions of e-rupee using blockchain distributed-ledger technology, as an alternative to cash.
The excitement among bankers and the RBI notwithstanding, the relevance of the CBDC to a customer remains a question
An ecosystem needs to be built for the retail adoption of the e-Rupee, like cashbacks on UPI apps, which are a great pull for the user, say experts.
Unless the retail digital rupee achieves critical mass, it will have limited impact on the monetary and financial systems, payments infrastructure, and welfare policies of the country
The RBI has started trials of its retail Central Bank Digital Currency - or digital rupee - in 4 big Indian cities. The RBI has chosen 4 banks, SBI, ICICI, Yes Bank and IDFC for the pilot, and these banks have chosen some individuals and some merchants who are account holders, for this. But... why would anyone take the trouble to create a separate e-wallet when most of us already have UPI? Well, there may just be some reasons. Latha Venkatesh explains!
Digital currencies have many benefits like zero currency loss and lower operational costs associated with physical cash management.
The RBI introduced the pilot wholesale central bank digital currency (CBDC) on October 31, 2022. Insiders say, most traders are only testing this currency at this point in time and not taking positions. For taking positions, they are still going by the normal trading practices on the NDS-OM