Indian Bank Targets 1M CBDC Users by June 2023

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Following the release of the Monetary Policy updates on June 8, T.Rabi.Shankar (Deputy Governor of the Reserve Bank of India) stated that the central bank’s ambition is to attain 1M users of the Digital Rupee or CBDC(Central Bank Digital Currency). RBI is currently in the trial phase for the Digital Rupee & has not established a definitive timeframe for its nationwide implementation as CBDC. The Governor stated that the implementation of CBDCs would be a strategic process aimed at internalizing the accrued knowledge & experience.