A Reserve Bank of India (RBI) “source” told multiple Indian news outlets that the wholesale digital rupee trials have expanded to include call money markets. India is unusual because it launched both wholesale central bank digital currency (wholesale CBDC) and retail CBDC pilots almost simultaneously.
Last November, the RBI launched the first wholesale CBDC use case for the settlement of government bond transactions. By February the number of transactions using the wholesale CBDC had tailed off.
“RBI is now planning to go into the interbank borrowing market. The purpose of wholesale CBDC has been to try out different technologies…experimenting with technology is relatively easier for the wholesale pilot because participants are related,” sources told MoneyControl.
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