Reserve Bank of India’s digital rupee launched

The Reserve Bank of India’s (RBI)’s first pilot for the retail digital rupee kicked off on Thursday with four lenders: SBI, ICICI Bank, YesBank and IDFC First Bank.

The exercise began in four cities of Mumbai, New Delhi, Bangalore and Bhubaneswar.

The pilot comes a month after the RBI launched another project for the wholesale digital rupee that can be transacted among certain financial institutions.