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News on Medial
SBI rolls out UPI on its CBDC app to promote use of digital rupee
Inc42
·
1y ago
Medial
The State Bank of India (SBI) has integrated UPI with its digital rupee (e₹) app, enhancing user convenience. This feature allows eRupee users to scan any merchant UPI QR code for secure transactions. SBI was an early participant in the RBI's digital e-rupee project. The RBI initiated pilot programs for CBDC-Wholesale and retail digital rupee, with several banks, including SBI, taking part. SBI's move to bring UPI interoperability to CBDC is seen as a promising step for future CBDC integration.
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RBI seeks ways to make digital currency payments easy as cash
Economic Times
·
1y ago
Medial
The Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) are focusing on offline and feature phone-based payments to promote the adoption of the central bank-backed digital currency (CBDC). They want to make digital payments as simple as cash transactions through CBDC. The RBI has created a sandbox for startups to test CBDC use cases. However, the adoption of CBDC is lagging behind as it does not provide any solution that is not already offered by Unified Payments Interface (UPI). Banks need to build the required infrastructure and offer incentives to drive CBDC adoption.
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RBI Working On Offline CBDCs To Boost Retail Volumes: Governor
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) is working on making its central bank digital currency (CBDC) offline-compatible and introducing value-added services to promote financial inclusion. The Governor of RBI, Shaktikanta Das, stated that they are also looking to connect payment systems like the Unified Payments Interface (UPI) with the CBDC. The CBDC pilot for retail transactions started in December 2022 and achieved the target of 10 lakh (1 million) transactions per day by December 2023. The RBI is also conducting trials for CBDC use in the government securities market and the interbank call money market. Concerns about disintermediation risks to banks have been addressed by making the CBDC non-remunerative and non-interest bearing.
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MobiKwik becomes first fintech to fully roll out CBDC e-rupees
Economic Times
·
6m ago
Medial
MobiKwik has launched India's first full-scale Central Bank Digital Currency (CBDC) wallet, e-rupee, in partnership with RBI and Yes Bank. Available to Android users, the wallet supports seamless P2P and P2M transactions by scanning UPI QR codes. Users with completed KYC can easily open an e-rupee wallet, while new users must complete video KYC. The wallet allows transactions up to Rs 50,000 daily, promoting digital rupee adoption to boost the digital economy in India.
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RBI likely to start digital rupee pilot in call money market by October
Economic Times
·
1y ago
Medial
The Reserve Bank of India (RBI) is set to launch a pilot for its Central Bank Digital Currency (CBDC) in the call money market by October, according to RBI Executive Director Ajay Kumar Choudhary. The wholesale CBDC, known as Digital Rupee-Wholesale (e-W), had its pilot initiated in November 2022, primarily for settling secondary market transactions in government securities. Nine banks were chosen for the pilot project for wholesale CBDC, and the RBI had already launched a pilot for the retail version of CBDC (e-R) on December 1, 2022.
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Cryptos pose huge risks for emerging eonomies: RBI Governor
Inc42
·
1y ago
Medial
Reserve Bank of India (RBI) Governor, Shaktikanta Das, has reiterated the central bank's stance on cryptocurrencies, stating that digital currencies pose significant risks for emerging economies. Das opposes the widespread acceptance of cryptocurrencies and has previously called for a ban on virtual digital assets. However, he mentioned that the RBI plans to conduct pilots for the wholesale central bank digital currency (CBDC), e-rupee. Additionally, Das praised the Unified Payments Interface (UPI) as one of the best payment systems globally, dismissing accusations of monopoly and expressing ambition for UPI to become a world leader in the payments ecosystem.
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SBI, Kotak Bank scheduled maintenance: UPI, net banking, NEFT services to be temporarily unavailable on these days - The Economic Times
Economic Times
·
24d ago
Medial
State Bank of India (SBI) and Kotak Mahindra Bank announced scheduled maintenance, temporarily affecting digital banking services. SBI services like UPI, IMPS, and ATM will be unavailable on July 16, 2025, from 1 AM to 2 AM. Meanwhile, Kotak will conduct maintenance on various dates, affecting NEFT, net banking, mobile banking, UPI, and the payment gateway. Customers are advised to use UPI Lite during disruptions, a service for low-value transactions.
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Fintechs Seek Clarity On Tie Ups With Banks For CBDC Pilot
Inc42
·
1y ago
Medial
Fintech startups in India are seeking clarity from the Reserve Bank of India (RBI) regarding the rules of engagement with banks to deploy central bank digital currency (CBDC) use cases. Homegrown fintechs are unclear about how to engage with banks for participation in CBDC pilot programs. Operational guidelines and product constructs need to be worked out between the two parties until more clarity is provided by the RBI. Several large banks and regulated fintech companies have started discussions on building CBDC use cases.
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PayPal's Mintoak buys India's 1st e-rupee deal for $3.5 mn
Inshorts
·
5m ago
Medial
PayPal and HDFC Bank backed startup Mintoak which provides merchant payment services to lenders reportedly bought Digiledge for $3.5 million on Tuesday. This marks the first acquisition in digital currency sector. Digiledge specialises in CBDC and bill payments services. In December 2022, the RBI launched a trial program for CBDC also known as e-rupee, a digital currency substitute.
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SBI bets on digital tools and tie-ups for sustaining market leadership
Economic Times
·
1m ago
Medial
State Bank of India (SBI) is leveraging digital tools and strategic partnerships to maintain market leadership. Chairman C S Setty highlighted initiatives like expanding their digital app YONO to Singapore and revamping YONO business. SBI celebrated its 70th anniversary with initiatives such as the SBI Scholar Quiz, distributing prize money to students. The bank is also enhancing customer experience through paperless onboarding, digital access for small businesses, digital document execution for loans, and UPI-based cash withdrawal machines.
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Fintechs seek clarity on digital currency tieups despite RBI blessing
Economic Times
·
1y ago
Medial
The Reserve Bank of India is conducting retail digital currency pilots for non-bank payment system operators (PSOs) with two major use cases being tested, including subsidy payments for farm inputs and corporate expense management. The blockchain-based digital currency allows for programmability of money, enabling usage restrictions to specific merchants. Banks and regulated fintechs are collaborating to develop use cases for central bank digital currency (CBDC), with ongoing weekly meetings with the RBI. Clarity is still needed on operational guidelines and product constructs for PSOs to engage with banks on CBDC integration. Startups are concerned about financial rules and alternative business models for CBDC investments.
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