 "T Rabi Sankar, BFSI")
The volume of retail CBDC (central bank digital currency) transactions has crossed 120 million, while the total value has exceeded Rs 28,000 crore so far, Reserve Bank of India Deputy Governor T Rabi Sankar said at the post-monetary policy press meet.
He added that progress on retail CBDC is broadly in line with expectations, with ongoing work focused on programmability, coordination with state and central governments, and specialised products for banks, along with efforts to enable cross-border payments.
“We are focusing on creating unique use-cases for CBDC. From that point of view, we are focusing on programmability. There are many such programmable experiments and pilots, particularly in coordination with schemes of both the central government and state government as well as specific products of banks. They are under experimentation, and a large number of them,” Sankar said.
He said that going forward, CBDC will become a common use, acceptable to an average user. At this point in time, a little more than 8 million users are using CBDC.
The RBI's first retail e-rupee pilot, its version of a CBDC, began on December 1, 2022. Recently, the central bank launched a retail sandbox for CBDC, allowing fintech firms to build and test solutions as part of the ongoing pilot.
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