RBI to kickstart e-rupee pilot in G-Secs today

The Reserve Bank of India (RBI) on Monday announced that the first pilot in the Digital Rupee, or e-rupee, in the wholesale segment (e?-W) will commence in government securities from November 1, 2022.

Nine banks — State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC — have been identified for participation in the pilot, the RBI said.

According to the RBI, the use case for this pilot is settlement of secondary market transactions in government securities. “Use of e?-W is expected to make the inter-bank market more efficient.