RBI to offer CBDC-R accessible to non-bank payments system operators
.webp)
The Reserve Bank of India (RBI) on Friday proposed to make CBDC-R (CBDC-Retail) accessible to a broader population by allowing non-bank payment system operators to offer CBDC wallets.
Non-bank payment system operators include third-party payment applications like Phone Pe, Google Pay, etc.
According to RBI, this move is expected to enhance access and expand choices available to the users apart from testing the system resilience to handle multi-channel transactions.
According to experts, this step from the apex bank is in the right direction as CBDC will aid in financial inclusion and boost innovation.
V. Balasubramanian, CEO, FSS Cash Tech, said, “For higher adoption of CBDC, it is important that it is accessible and usable by diverse sections of our society. This will be further enhanced when customers have a wide array of CBDC wallets to choose from once non-bank payment system operators foray into this area. This move widens the playing field and can turn CBDC into a mainstream payment option in the foreseeable future.”
RBI launched the CBDC pilot programme in 2022. The Indian CBDC, also known as Digital Rupee, is a tokenised digital version of the Rupee issued by RBI.
The pilots for CBDC Wholesale and Retail segments are ongoing, with more and more banks being roped in.
During the post-policy press meet, Deputy Governor T Rabi Sankar noted that even though the volumes of CBDC have come down from 1 million, there is a visible shift in transactions from P2P to P2M as more and more merchants participate.
According to Sankar, there are nearly 46 lakh users in CBDC and 4 lakh merchants, with a total of around 50 lakh participants. So far, the total transactions through CBDC have reached 2.2 crore.
During the (Monetary Policy Committee) MPC meeting in February 2024, RBI had proposed to enable additional functionalities of programmability and offline capability in CBDC retail payments.
Other Latest News
.webp)
Shares of YES Bank climbed as much as 8.98 per cent to hit an intraday high of Rs 28.50 apiece on Monday, after the private lender announced a strong set of March quarter results (Q4FY24).
YES Bank’s profit jumped over 123 per cent to Rs 452 crore in Q4FY24, as opposed to Rs 202.43 crore reported in Q4FY23.
.webp)
The Congress on Monday attacked the BJP over the alleged sex scandal involving the grandson of JD(S) supremo H D Deve Gowda, with party leader Priyanka Gandhi Vadra asking whether Prime Minister Narendra Modi will remain silent on the matter.
The opposition party also asked why the BJP went ahead with its alliance with the JD(S) when a BJP leader had written to the party's Karnataka unit president, exposing the presence of a pen drive full of "sleaze videos of Prajwal Revanna".
.webp)
China is gearing up to launch a robotic spacecraft on a mission to bring back samples from the dark side of the moon. This mission is prelude to three challenging missions aimed at achieving a Chinese crewed landing and establishing a base on the lunar South pole. And it will also be the world's first attempt at collecting samples from the other side of the moon.
Since the inaugural Chang’s mission in 2007, named after the legendary Chinese moon goddess, China has made substantial strides in its lunar exploration efforts, narrowing the technological divide with the United States and Russia.
.webp)
The Japanese yen hit its weakest levels since April 1990 on Monday, in trading thinned by a holiday in Japan and attempts by traders to test key levels and stop-loss orders in a nervous, illiquid market.
The dollar rose as far as 160.245 yen in a sudden move after the yen traded in a narrow 158.05-158.15 range in early deals.
.webp)
Veteran politician, BJP MP and former Union Minister V Sreenivasa Prasad died on Monday, family sources said.
The 76-year-old Lok Sabha member from Chamarajnagar was ailing for some time and being treated at a private hospital, where he passed away early today.
.webp)
.webp)
.webp)
.webp)
.webp)
