India’s central bank, the Reserve Bank of India (RBI), has kicked off its first pilot in the digital rupee—wholesale segment (e₹-W). The use case for this pilot is the settlement of secondary market transactions in government securities. Over nine banks, namely, 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 are expected to participate in the pilot.
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