RBI to introduce Central Bank Digital Currency in phases: deputy governor

The RBI has been exploring the pros and cons of the introduction of CBDCs since quite some time, deputy governor T Rabi Sankar said

The Reserve Bank of India (RBI) will introduce its own version of Central Bank Digital Currency (CBDC) in a phased manner and after carefully weighing its impact on various issues, including how it could hamper the deposit mobilisation abilities of banks, and its potential effect on the conduct of the monetary policy, deputy governor T Rabi Sankar said in a speech on Thursday.

“However, conducting pilots in wholesale and retail segments may be a possibility in near future,” the RBI deputy governor said.

The RBI is currently working towards a phased implementation strategy and examining use cases "which could be