The wholesale CBDC pilot, known as digital rupee wholesale (eW), was launched in November 2022, with the use case limited to settlement of secondary market transactions in government bonds.
The RBI has selected nine banks for its pilot project for wholesale CBDC and has already rolled out a pilot in the retail version of the CBDC (eR) on December 1, 2022. The eR takes the form of a digital token that represents legal tender.
It is issued in the same denominations as paper money and coins, and is distributed through financial intermediaries such as banks. Users can transact with eR through a digital wallet offered by participating banks.
The central bank presented various digital initiatives in the financial sector during the G20 summit in the exhibition pavilion. These include the Public Tech Platform (PTP) for frictionless credit, CBDC, UPI One World, RuPay On-The-Go and Bharat Bill payment system.