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<h1>India's Reserve Bank Launches Digital Rupee Pilot for Wholesale Transactions on Nov 1, 2022, with Nine Banks Involved.</h1> India's Reserve Bank is launching its first Digital Rupee pilot project on November 1, 2022, involving nine banks, including major institutions like SBI and HDFC Bank. This initial phase focuses on the wholesale segment for settling secondary market transactions in government securities, aiming to enhance inter-bank market efficiency and reduce transaction costs. A retail segment pilot is planned within a month for select locations. The Digital Rupee, a central bank digital currency (CBDC), is intended to complement existing money forms, providing an additional payment method. Future pilots will explore other wholesale transactions and cross-border payments.