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RBI Achieves 1 Million Daily Transactions in Retail CBDC Segment, Check other important points!!


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The Reserve Bank of India (RBI) has successfully reached its ambitious goal of achieving a million daily transactions in the retail segment of its Central Bank Digital Currency (CBDC) by the close of 2023.

Target Achievement and Growth:

RBI Governor Das, in an end-of-the-year letter to RBI staff dated December 29, announced the accomplishment. The central bank had set this challenging target, and the achieved milestone surpassed initial transaction averages of 20,000-25,000 in July 2023, as reported by Moneycontrol.

Retail CBDC Pilot Project:

The retail e-rupee, part of the CBDC initiative, had its pilot project kick off on December 1, 2022. The aim was to stimulate greater usage of the digital currency to gain insights into public behavior. Commercial banks have recently offered incentives, including cash-backs, to encourage retail CBDC usage and attract new users.

Wholesale CBDC Expansion:

While the wholesale CBDC was introduced in the inter-bank call market in October, transaction numbers remain limited. Nevertheless, the RBI is determined to explore and expand the use cases of the wholesale CBDC.

International Influence and UPI Success:

Governor Das highlighted the international emulation of the Unified Payments Interface (UPI) model, underscoring its success. The UPI’s efficiency and effectiveness have gained global recognition.

Economic Management:

The governor’s letter acknowledged the RBI’s adept handling of various challenges in 2023. It emphasized the balance achieved in monetary policy, effectively moderating inflation without compromising growth. Timely and decisive actions were attributed to this success.

Macroeconomic and Financial Stability:

The letter underscored the RBI’s accomplishments in maintaining macroeconomic and financial stability. Regulatory and supervisory policies were continually refined to ensure the resilience of the financial system.

Call for Improvement:

Governor Das called on RBI staff to seek ways to enhance the efficacy and quality of the central bank’s service delivery, emphasizing a commitment to continuous improvement.

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