The Reserve Bank of India (RBI) has reportedly requested 4 Indian public-sector banks to trial India’s central financial institution digital forex (CBDC).
The State Bank of India, Punjab National Bank, Union Bank of India, and Bank of Baroda have been requested to run the pilot internally, mentioned one of many officers.
Another senior public-sector financial institution official confirmed the information, “There is a pilot on CBDCs. The RBI may come with the launch this year. When it will exactly roll out the product and specifications is to be seen.”
It can be reported that the RBI is consulting with a number of fintech firms together with the US-based agency FIS on the difficulty. FIS has been advising central banks on (*4*)CBDC points, comparable to offline and programmable funds, monetary inclusion, and cross-border CBDC funds.
Julia Demidova, senior director at FIS mentioned, “FIS has had various engagements with the RBI…and, of course, our connected ecosystem could be extended to the RBI to experiment various CBDC options.”
She additional added, “Whether it is a wholesale or retail CBDC transaction, our technology can also be extended to commercial banks where they can test and tokenize central bank money in the form of digital regulated money.”
Compiled by Coinbold