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The Reserve Bank of India presents its concept of a digital rupee, considering its design, issuance, and effects on the current banking system.
In a report released on Oct. 7, 2022, the RBI’s FinTech Department confirmed that it is looking at both a retail CBDC for consumers and businesses and a wholesale CBDC designed to streamline interbank transfers and other wholesale transfers.
RBI is working towards a phased approach
The RBI has formed an internal working group to make recommendations on the CBDC’s design and testing. Each pilot for the retail and wholesale CBDCs will start by building the currency with technology partners based on recommendations from the working group. After that, the CBDCs will be tested in a sandbox environment to evaluate their design and functionality. Next, the RBI will test their resilience by exposing them to various stressful scenarios and then assess the results. If the test outcomes are met, the RBI will launch a pilot with as broad a demographic as possible. Lessons lear
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