The Reserve Bank of India has initiated a wholesale Central Bank Digital Currency (CBDC) pilot program for inter-bank borrowing. The central bank had earlier announced its plans to test the wholesale CBDC, with the pilot now underway as of October. The pilot involves nine major lending banks, which are already part of the government securities (g-sec) pilot program. In a parallel effort, the RBI had introduced a wholesale CBDC pilot in November 2022 for settling transactions in the secondary government securities market. The central bank also revealed a retail CBDC pilot for peer-to-peer (P2P) and peer-to-merchant (P2M) transactions in December 2022.
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