RBI plans to widen use of wholesale digital currency

The Reserve Bank of India is planning to introduce wholesale a central bank digital currency (CBDC) in the call money market, an official told reporters.

"RBI is now planning to go interbank borrowing market, specifically call money market," the official 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.

(More to come)