RBI plans CBDC pilot expansion for cross-border use

The Reserve Bank of India intends to broaden its digital rupee pilot this fiscal year. It is also exploring central bank digital currency applications in international transactions.

The Reserve Bank of India plans to expand its digital rupee pilot to additional direct benefit transfer schemes and the domestic retail space during the current fiscal year. Officials are simultaneously examining CBDC applications for cross-border transactions through signed memoranda of understanding and bilateral discussions aimed at launching pilot projects.

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Illustration of Bank of Korea expanding CBDC pilot with nine banks, featuring digital currency elements.
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Bank of Korea to expand CBDC pilot with nine banks in September

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The Bank of Korea will launch the second phase of its Central Bank Digital Currency pilot in September. The expansion will involve nine major banks and real-transaction testing using deposit tokens.

The Reserve Bank of India's steps to increase dollar inflows aim to stabilize the rupee in the short term. Economists caution that these actions provide only temporary relief and do not address underlying pressures.

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RBI Governor Sanjay Malhotra called on banks to treat micro, small and medium enterprises as key growth partners rather than mere compliance obligations. He made the remarks while addressing International MSME Day.

The Reserve Bank of India has maintained its policy rate at 5.25 percent with a neutral stance while introducing steps to attract foreign capital.

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India’s local price for Tether’s USDT stablecoin rose more than 8.5 percent above the dollar on June 29 amid tighter enforcement on crypto payment firms.

More than 15,000 ATM units in India are expected to feature in requests for proposals for cash recyclers. Nearly 77 percent of these belong to public sector banks.

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The Reserve Bank of India cautioned that an escalation in the West Asia conflict could derail the country's positive growth trajectory. The central bank assessed that the impact is likely to remain contained in the near term.

 

 

 

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