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Money Control, citing sources familiar with the RBI wholesale CBDC pilot, said the RBI has begun testing its wholesale central bank digital currency (CBDC) in the demand currency market and has already conducted some transactions. More use cases will be tested in the coming days, and the roadmap should cover the entire wholesale sector, such as asset tokenization, where securities will be tokenized, repo transactions, etc. The e-rupee will shift from bonds to redemption funds and buybacks. Once the entire segment is covered, the entire wholesale segment is finally piloted.


The source mentioned that the nine banks participating in the digital rupee pilot were the same as those participating in the RBI government securities wholesale pilot last November, only with the addition of Commonwealth Bank. The nine banks are 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.
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