NEW DELHI, September 5 (Reuters) – The Reserve Bank of India (RBI) is set to introduce a wholesale central bank digital currency (CBDC) within the call money market, as disclosed by an official during a press briefing.
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The official stated, “RBI is now contemplating entry into the interbank borrowing market, particularly in the call money market.”
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RBI’s intention is to utilize CBDCs as digital tokens for facilitating settlements within the call money market.
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Currently, India’s CBDC is undergoing a pilot phase that spans both the retail and wholesale sectors. The central bank has outlined an ambitious goal of achieving one million daily transactions by the close of 2023.
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