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The Reserve Bank of India (RBI) is further streamlining its upcoming pilot for a central bank digital currency (CBDC).
Citing an anonymous source, local news outlet Moneycontrol revealed that the RBI is in talks with large fintech firms and state-controlled banks to discuss a trial run ahead of a CBDC launch. The banks mentioned are State Bank of India, Punjab National Bank, Union Bank of India and Bank of Baroda. In all of these, the Indian government holds at least a 50% share.
Named as one of the fintech companies with which the RBI is consulting is U.S.- financial services company FIS which the firm’s senior director Julia Demidova confirmed to Moneycontrol:
“FIS has had various engagements with the RBI […] and, of course, our connected ecosystem could be extended to the RBI to experiment various CBDC options.”
FIS, already active in the CBDC space, by raising awareness through hosting conferences and roundtables on the topic, recently launched its CBDC Virtual Lab.
Plans for an Indian CBDC have been long in the making with initial testing to be rolled out around April of 2023.
India’s finance minister Nirmala Sitharaman recently commented on the positive effects a CBDC would have on the country’s economic growth. The minister said:
“A digital rupee will be issued using blockchain and other technologies; to be issued by RBI starting 2022-23. This will give a big boost to the economy.”