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RBI's e-rupee pilot takes off; Day 1 bond trade deals hit Rs 275 crore

SBI, BoB hammer out first gilt deal using digital rupee; 48 transactions carried out

e-rupee, digital currency
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RBI’s treasury officials described the pilot as a landmark moment and said the testing went off smoothly.

Bhaskar DuttaManojit Saha Mumbai
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.

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