Bank of India

2022 - 10 - 31

digital currency in india

Post cover — Image courtesy of "Moneycontrol.com"

Punjab National Bank, Bank of India hike lending rates (Moneycontrol.com)

City-based PNB hiked MCLRs across tenors by 30 basis points, while BOI raised the same by up to 15 basis points.

Bank of India's one-year MCLR will be priced at 7.95 percent from November 1, 2022, as against 7.80 percent at present, the lender said in its regulatory filing. The MCLR with effect from November 1, 2022, shall be revised with the benchmark one-year tenor rate at 8.05 percent as against the 7.75 percent existing rate, PNB said in a regulatory filing. State-owned Punjab National Bank (PNB) and Bank of India(BOI) on Monday announced a hike in their marginal cost of funds-based lending rates (MCLRs).

Natije Aayenge Kamai Karayenge: Bank Of India - Stock Which Will ... (Zee Business)

Great opportunity to earn before results. Make a strategy to earn in Bank Of India before the results. Watch this video for more details.

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Reserve Bank of India to reportedly launch digital rupee pilot in ... (Cointelegraph)

The central bank of India will start a wholesale CBDC pilot on Nov. 1, planning to expand the trial to the retail segment within a month.

[adopting a 30% tax](https://cointelegraph.com/news/30-crypto-tax-becomes-law-in-india-following-finance-bill-approval) on digital asset holdings and transfers in April. [announced the initial plans](https://cointelegraph.com/news/india-to-introduce-30-crypto-tax-digital-rupee-cbdc-by-2022-23) in February 2022, declaring that a digital rupee would be a “big boost” for India’s economy. The main use case of India’s CBDC pilot will be to settle secondary market transactions in government securities.

Explained: What is Digital Rupee? RBI launches first pilot project ... (Livemint)

Digital Rupee: The RBI has been exploring the pros and cons of a central bank digital currency for some time.

"...the first pilot in the Digital Rupee - Wholesale segment shall commence on November 1, 2022," the RBI said in a statement on 'Operationalisation of Central Bank Digital Currency-Wholesale (e ₹-W) Pilot'. The Reserve Bank of India (RBI) will launch the pilot for a central-bank-backed digital rupee for the wholesale segment today, November 1. - Digital Rupee: The RBI has been exploring the pros and cons of a central bank digital currency for some time

RBI to launch Digital Rupee pilot for wholesale segment from ... (Economic Times)

"The use case for this pilot (wholesale segment) is settlement of secondary market transactions in government securities. Use of e₹-W is expected to make ...

The RBI has in the past said there should be a degree of anonymity — at least in small-value digital transactions — for it to become acceptable tender. “This is now for real-time trading and settlement of government securities among the nine banks. “Use of e-W is expected to make the inter-bank market more efficient.”

RBI to launch pilot project on digital currency from tomorrow ... (Business Today)

The banks identified for the pilot launch are the State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, ...

TRENDING It also has all the transactional benefits of other forms of digital money, the RBI said. The central bank said the digital rupee will provide an additional option to the currently available forms of money. On October 7, the RBI had released a concept note on Central Bank Digital Currency (CBDC) for India. The use case for this pilot is the settlement of secondary market transactions in government securities. It has identified nine banks for participation in the pilot launch.

RBI to launch nation`s first digital rupee pilot project today (Zee News)

Finance Minister Nirmala Sitharaman in her budget speech on February 1 had announced that RBI will launch a Central Bank Digital Currency (CBDC) in this fiscal.

In a statement, the central bank said that it will "soon commence pilot launches of Digital Rupee (ea,) for specific use cases. The details regarding operationalisation of ea,-R pilot shall be communicated in due course". Accordingly, the first pilot in the Digital Rupee - Wholesale segment (ea,-W) shall commence on November 1, 2022".

RBI Digital Rupee pilot for wholesale segment from November 1 (The Hindu)

The RBI on October 31, 2022 also released a Concept Note on Central Bank Digital Currency (CBDC) for India.

The purpose behind the issue of this Concept Note is to create awareness about CBDCs in general and the planned features of the Digital Rupee (e₹), in particular. It explains the objectives, choices, benefits, and risks of issuing a CBDC in India. It examines the implications of introduction of CBDC on the banking system, monetary policy, financial stability, and analyses privacy issues. The details regarding operationalisation of e₹-R pilot will be communicated in due course. Use of e₹-W is expected to make the inter-bank market more efficient. “The use case for this pilot is settlement of secondary market transactions in government securities.

Digital currency's first pilot to begin tomorrow, announces RBI (Hindustan Times)

Nine banks -- State Bank of India (SBI), Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC ...

CBDC is a digital form of currency notes issued by a central bank. Nine banks -- State Bank of India (SBI), Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC -- have been identified for participation in the pilot project. Nine banks -- State Bank of India (SBI), Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC -- have been identified for participation in the pilot.

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