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of <h1>RBI Launches Retail Pilot for Digital Rupee Using Blockchain with Major Banks to Boost Transaction Efficiency.</h1> The Reserve Bank of India (RBI) has initiated a pilot for Central Bank Digital Currency (CBDC) in the retail segment, incorporating blockchain technology. The retail pilot, launched on December 1, 2022, involves a digital token called the digital Rupee-Retail (eRs. -R), distributed through selected banks within a closed user group. The eRs. -R allows transactions via digital wallets in denominations equivalent to physical currency. Eight banks are participating in phases, with the first phase including State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank. The initiative aims to enhance transaction efficiency and reduce costs in the inter-bank market.
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