The Reserve Bank of India (RBI) is preparing to introduce a central bank digital currency (CBDC) within India’s call money market, as reported by Reuters, citing an authoritative source. This significant stride underscores India’s advancing journey into the realm of digital currencies.
The official revealed, “RBI is now contemplating entry into the interbank borrowing market, specifically in the call money market.”
The central bank’s vision is to harness CBDCs as digital tokens for streamlining call money settlements within the interbank borrowing market, a pivotal facet of the nation’s financial infrastructure.
Presently, the RBI’s CBDC is undergoing a pilot phase that encompasses both the retail and wholesale sectors of the economy.
This strategic maneuver aligns with the central bank’s ambitious target of facilitating one million CBDC transactions per day by the culmination of 2023.
As India actively explores and integrates CBDCs into its financial landscape, this development underscores the nation’s unwavering commitment to embracing digital innovations within its monetary systems.
