RBI plans to introduce wholesale CBDC in call money market soon
New Delhi: Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) as token for interbank borrowing or call money market, RBI sources said on Tuesday.
The pilot in wholesale segment, known as the Digital Rupee -Wholesale (e₹-W), was launched on November 1, 2022, with use case being limited to the settlement of secondary market transactions in government securities.
“RBI is now planning to go into interbank borrowing market. The purpose of wholesale CBDC has been to try out different technologies…experimenting on technology is relatively easier for wholesale pilot because participants are related,” RBI sources said.
RBI plans to use CBDCs as tokens for call money settlement, he said.
India’s CBDC is currently in a pilot phase across the retail and wholesale segments. The central bank has set a target of one million transactions a day by the end of 2023.
