Working on phased introduction of own digital currency, says RBI deputy governor

NEW DELHI: The Reserve Bank of India (RBI) is working on phased introduction of such currencies, its deputy governor of RBI T Rabi Sankar said on Thursday.

Delivering a speech at an online discussion, Sankar said that the idea of Central Bank Digital Currency (CBDC) is ripe, and many central banks in the world are working towards it.

The RBI is considering certain pilot programs for the proposed CBDC and is in process of launching it in wholesale and retail segments in the near future, he added.

The central bank has been exploring the pros and cons of introduction of CBDCs since quite some time now.