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RBI To Pilot Offline & Programmable Retail CBDCs
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) plans to expand the retail rollout of Central Bank Digital Currency (CBDC) by enabling additional functionalities such as offline capability and programmability for CBDC retail payments. The programmability feature would allow government agencies to ensure that CBDC payments are made for specific benefits, while corporates and enterprises can program specified expenditures. For areas with limited internet connectivity, the RBI will pilot proximity and non-proximity-based offline solutions. The expansion comes after a successful pilot in which the RBI achieved 10 lakh transactions per day with retail CBDCs.
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Related News
Programmable, offline CBDC to drive next fintech wave, says NPCI MD
Economic Times
·
1y ago
Medial
The Reserve Bank of India's push for programmability and offline functionality in its central bank digital currency (CBDC) will drive the next wave in fintech, according to Dilip Asbe, MD of the National Payments Corporation of India (NPCI). The RBI's recent monetary policy meeting introduced the concept of programmable money and offline functionality in CBDCs, with potential benefits for government agencies and businesses alike. Asbe also highlighted the importance of Mumbai in the development of the Unified Payments Interface (UPI), which has seen over 100 billion transactions in 2023.
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RBI Taps global counterparts for efficient cross-border digital currency transactions
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) is collaborating with the US, Hong Kong, and the Society for Worldwide Interbank Financial Telecommunications (SWIFT) to explore fast and cost-effective digital cross-border settlements using central bank digital currencies (CBDCs). The RBI's internal working group is examining technological options to establish a roadmap for direct transactions between countries. RBI Governor Shaktikanta Das has emphasized the potential of CBDCs to facilitate efficient and faster cross-border payments in an increasingly technology-driven world. The RBI has already launched pilots for its CBDC, the digital rupee, in both wholesale and retail segments.
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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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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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CBDC Transactions Have Declined Since Dec 2023: RBI Dy Guv
Inc42
·
1y ago
Medial
According to RBI Deputy Governor T Rabi Sankar, the central bank digital currency (CBDC) pilot in India has processed 2.2 crore transactions since its launch in December 2022. Currently, there are 46 lakh users and 4 lakh merchants transacting in CBDC, with transaction volumes shifting from peer-to-peer to peer-to-merchant. The RBI is also planning to enable non-bank payment system operators, such as PhonePe and Google Pay, to offer CBDC wallets, making it more accessible to a wider user segment. Additionally, the RBI is testing new offline CBDC use cases within a closed-user group.
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RBI to link FX-Retail patform with Bharat Connect for wider access
YourStory
·
7m ago
Medial
The Reserve Bank of India (RBI) is integrating its FX-Retail platform with Bharat Connect to enhance accessibility. The platform, introduced in 2019, offers competitive foreign exchange rates through online access. With the integration, users can now register and transact directly through mobile apps, internet banking, and other payment interfaces supported by banks and non-bank operators integrated with Bharat Connect. Initially, the pilot program will enable individuals and sole proprietors to buy US dollars using the Indian rupee. The RBI plans to gradually expand the platform to include additional foreign exchange transactions for a wider range of users.
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How AI & Data-Backed Insights Are Changing The Pace Of Offline Retail Growth
Inc42
·
1y ago
Medial
The article discusses how data-backed insights and AI technology are revolutionizing the growth of offline retail in India. Despite the rapid growth of online retail, the majority of retail sales still happen offline, with 60% of Indian consumers trusting physical stores more than online platforms. Brands like Lenskart are successfully leveraging offline stores to build trust and increase brand awareness. Data-backed decision making helps in selecting new store locations, reducing risks and improving operational efficiency. The integration of online and offline strategies marks the next era of India's retail growth.
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RBI Meets Banks And Fintechs To Push For CBDC Adoption
Inc42
·
1y ago
Medial
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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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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Mamaearth parent Honasa Consumer appoints Nishchay Bahl to lead offline business
Economic Times
·
1y ago
Medial
Mamaearth parent company Honasa Consumer has appointed Nishchay Bahl to lead its offline business. Bahl will be responsible for expanding the company's offline retail presence and driving growth in offline sales channels. Honasa Consumer is a fast-growing brand in the personal care and beauty space, with Mamaearth being its flagship brand. The company aims to leverage Bahl's experience and expertise in offline retail to further strengthen its position in the market.
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