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

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.