UCO Bank Receives RBI Approval to Join Central Bank Digital Currency Initiative

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UCO Bank has received approval from the RBI to join the Central Bank Digital Currency (CBDC) pilot project, according to Managing Director and Chief Executive Officer Ashwani Kumar.

In an interview with Moneycontrol on November 3, Kumar said that the bank is in talks with NPCI for further work and that some more work needs to be done before UCO Bank can onboard the CBDC platform.

Kumar had previously stated in August 2023 that UCO Bank would join the CBDC pilot project by September 2023. He had said that the bank would initially only be involved in the retail segment and would consider other segments later.

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The RBI launched a wholesale pilot of the CBDC in the call money market in October 2023.

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