The Reserve Bank of India’s (RBI’s) maiden test of its central bank digital currency (CBDC) being used for secondary market trades in government securities (G-secs) went off without a hitch on Tuesday, with 48 trades being carried out for a total of Rs 275 crore.
Sources informed Business Standard that the first deal was struck between the country’s largest bank State Bank of India (SBI) and another state-owned lender Bank of Baroda (BoB).
SBI was said to have sold securities to BoB using CBDC, or digital rupee, observed sources.
ICICI Bank sold the five-year government paper to IDFC First Bank.