India's CBDC Pilot Test to Hit 1 Million Users Very Soon
Note that the RBI is still conducting the pilot test for Digital Rupee and doesn’t have a specific timeline on when to go live with the CBDC usage pan India. Shankar said that this would be a “gradual and calibrated” change that will focus majorly on internalizing learnings with the growing use of CBDCs. advertisement On November 1 of last year, the RBI ( Reserve Bank of India ) introduced a digital version of the rupee specifically for large-scale transactions. One month later on December 1, they conducted the first test of a Digital Rupee for regular people. The pilot program for the CBDC began in four cities – Mumbai, New Delhi, Bengaluru, and Bhubaneswar – with a select group of customers and merchants. It gradually expanded to other cities like Ahmedabad, Chandigarh, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla. Also, at first, only the State Bank of India, ICICI Bank, YES Bank, and IDFC F...