India's central bank, the Reserve Bank of India (RBI), has launched a pilot program for a wholesale Central Bank Digital Currency (CBDC) aimed at inter-bank borrowing. The pilot involves nine major lending banks and is part of the RBI's efforts to test the system and various aspects of the CBDC. The central bank is also conducting a separate pilot for a retail CBDC for peer-to-peer and peer-to-merchant transactions. The RBI aims to achieve one million transactions per day for the retail CBDC by December 2023. The pilot programs are designed to analyze user behavior and inform the design choices and policy framework of the CBDC. The RBI has also introduced a public technology platform for seamless credit and plans to roll out self-regulatory organization (SRO) norms for regulated entities.
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