The country got its own digital currency, the business of billions of rupees on the first day of the pilot project
According to the RBI, nine banks have been allowed to transact in digital rupees at present. These banks include 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 Reserve Bank of India (RBI) on Tuesday launched the country's first digital currency. Digital Rupee has been launched for specific use through a pilot project. The Digital Rupee will currently be used only for bulk transactions.
According to the RBI, nine banks have been allowed to transact in digital rupees at present. These banks include 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 RBI had proposed to the government in October last year to broaden the digital currency.
Bonds worth Rs 2.75 billion were traded on the first day using e-Rs. The five-year and 10-year bonds were traded on the first day. The central bank on Tuesday launched a pilot program of its digital currency, allowing select banks to use it to settle secondary-market transactions in government securities. Data from Clearing Corp of India Ltd showed banks traded Rs 2.75 billion ($33.3 million) in bonds on the first day through the Indian digital currency. Banks participating in the digital currency carried out 24 trades worth Rs 1.4 billion in 2027 bonds. In 2032 bonds, a total of Rs 1.3 billion was transacted through 23 trades.
The pilot project of Digital Rupee will be run for one month among selected customers and merchants at certain locations. Detailed information related to this will be given later. Based on the learnings and experience gained from this, the possibility of expanding it has been expressed. The central bank has also said that the use of digital currency in bulk will make inter-banking transactions more effective in the securities market. In other transactions also, the use of digital rupees will be started like bulk transactions.