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RBI Meets Banks And Fintechs To Push For CBDC Adoption

Inc42 · 1y ago

RBI Meets Banks And Fintechs To Push For CBDC Adoption

Representatives of the Reserve Bank of India (RBI) recently met with bankers and fintech officials to discuss increasing adoption of central bank digital currency (CBDC). The meeting aimed to gather input on how to popularize CBDC and address the lack of public interest. The RBI has been keen on promoting the blockchain-enabled digital currency since its launch in December 2022 and has proposed allowing non-bank payment system operators to offer CBDC wallets. The bank is working to fast-track the rollout of the digital currency and introduce additional functionalities such as offline capability and programmability for CBDC retail payments.

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Related News

Fintechs Seek Clarity On Tie Ups With Banks For CBDC Pilot

Inc42 · 1y ago

Fintechs Seek Clarity On Tie Ups With Banks For CBDC Pilot

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.

RBI seeks ways to make digital currency payments easy as cash

Economic Times

Economic Times · 1y ago

RBI seeks ways to make digital currency payments easy as cash

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.

Fintechs seek clarity on digital currency tieups despite RBI blessing

Economic Times

Economic Times · 1y ago

Fintechs seek clarity on digital currency tieups despite RBI blessing

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.

Emtech to advance its regtech and CBDC stack solutions with $4M led by Matrix Partners India

TechCrunch · 2y ago

Emtech to advance its regtech and CBDC stack solutions with $4M led by Matrix Partners India

Emtech, an African central banking infrastructure provider, introduced its CBDC Innovation Kit for fintechs and financial services exploring digital currencies pioneered by central banks. The New York-based company secures a $4 million seed investment led by Matrix Partners India to advance its CBDC stack and regtech solution. Emtech collaborates with six central banks, developing solutions and insights for regulatory and innovation needs. CEO Cardet highlights the company's unique position in engaging with multiple central banks simultaneously.

RBI likely to start digital rupee pilot in call money market by October

Economic Times

Economic Times · 1y ago

RBI likely to start digital rupee pilot in call money market by October

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.

RBI Working On Offline CBDCs To Boost Retail Volumes: Governor

Inc42 · 1y ago

RBI Working On Offline CBDCs To Boost Retail Volumes: Governor

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.

SBI rolls out UPI on its CBDC app to promote use of digital rupee

Inc42 · 1y ago

SBI rolls out UPI on its CBDC app to promote use of digital rupee

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.

No Spl Purpose For CBDC, UPI Already Prevalent: Ex-RBI Dy Guv

Inc42 · 1y ago

No Spl Purpose For CBDC, UPI Already Prevalent: Ex-RBI Dy Guv

Former Deputy Governor of the Reserve Bank of India (RBI), S S Mundra, stated that he does not see any special purpose for Central Bank Digital Currency (CBDC) considering the existing prevalent usage of Unified Payments Interface (UPI). Mundra also encouraged banks to rethink their business models as fintech startups with superior digital capabilities are emerging in the market. The RBI had initiated piloting CBDC for retail users in December 2022 and succeeded in achieving 10 Lakh transactions per day by December 2021.

Digital payment sees over 65,000 crore transactions amounting to Rs 12,000 lakh crore in 6 years - The Economic Times

Economic Times

Economic Times · 1m ago

Digital payment sees over 65,000 crore transactions amounting to Rs 12,000 lakh crore in 6 years - The Economic Times

Over the past six financial years, India's digital payment landscape has seen over 65,000 crore transactions, amounting to more than Rs 12,000 lakh crore. The government, alongside the RBI, NPCI, fintechs, banks, and state governments, has worked to boost digital payment adoption in tier-II and III cities. Furthermore, a new Digital Credit Assessment Model for MSMEs has been launched, enhancing credit evaluations through digital data. India's foreign exchange reserves remain robust at $668.3 billion as of March 2025.

Surge In Unsecured Loans By Fintechs Led To RBI’s Tightening Of Lending Norms: Bernstein

Inc42 · 1y ago

Surge In Unsecured Loans By Fintechs Led To RBI’s Tightening Of Lending Norms: Bernstein

According to a report by brokerage Bernstein, there has been a significant increase in unsecured lending by Indian banks and fintechs, leading to tighter lending norms by the Reserve Bank of India (RBI) in November last year. The report highlights the rapid growth of fintechs in the country, which has further driven the increase in unsecured lending. The RBI increased the risk weight for consumer credit exposure of banks and non-banking financial companies, aiming to increase the cost of unsecured loans. The growth in consumer loans has outpaced household credits, raising concerns among regulators. Despite regulatory measures, digital lending remains attractive for India's fintech sector.

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