Retail CBDC pilot starts Dec 1, to be tested in 4 banks, 4 cities initially

RBI says digital rupee for retail segment will be in the form of a digital token that represents legal tender, to be issued in same denominations as paper currency and coins

Following the successful launch of its wholesale pilot for central bank digital currency, the Reserve Bank of India (RBI) said on Tuesday that it will commence with its retail CBDC pilot project from December 1.

The retail pilot project, which will cover select locations in closed user groups, will be in the form of a digital token that represents legal tender, the RBI said.

“It will be issued in the same denominations that paper currency and coins are currently issued. It will be distributed through intermediaries, i.e., banks. Users will be able to transact with e₹-R through a digital wallet