Industry Welcomes RBI's Introduction of Retail Digital Rupee Pilot Project in 4 Indian Cities

In one of the most awaited landmark decisions by the Reserve Bank of India, a pilot for Retail Digital Rupee has been kickstarted from December 1st 2022. Welcoming this landmark development, industry experts have come forward.

Srinivas Nidugondi, Chief Growth & Transformation Officer, Comviva, stated, “The blockchain technology has been a revolutionary innovation in the recent times and India leveraging this for the Digital Rupee is yet another steppingstone for India to move towards the $1Tn digital economy. India has witnessed a massive growth in the digital transactions with the UPI transactions volume and value registering an increase about 118 per cent increase in volume and over 98 per cent increase in value in Q2 2022 as compared to Q2 2021. The launch of India’s much-awaited Central Bank Digital Currency will be a historic milestone for the Indian economy which will enable numerous possibilities for customers by lowering transaction costs, making international payments faster and the benefit of 24/7 access along with other additional benefits.”