RBI shortlists five banks to work on its digital currency pilot project

RBI is weighing whether to build a new framework for its digital currency or make retail CBDC interoperable with the current digital payments system

The RBI has roped in at least five banks to work with it on a pilot project for its digital currency -- the Digital Rupee -- for the retail market. According to a report in The Economic Times, these banks are State Bank of India, ICICI Bank, IDFC First Bank and HDFC Bank.

The report said, citing people familiar with the matter, that the Reserve Bank of India could add more banks to run the pilot, which is expected to launch soon.

The RBI is working on two