New Click here to Enroll for SIDBI MSME Expert Classes by Experts

    Register

    Question

    Recently RBI approved five banks to work with it on a

    pilot project for its digital currency -- the Digital Rupee, which of the following is not in the list of RBI?
    A State Bank of India Correct Answer Incorrect Answer
    B ICICI Bank Correct Answer Incorrect Answer
    C IDFC First Bank Correct Answer Incorrect Answer
    D HDFC Bank Correct Answer Incorrect Answer
    E Punjab National Bank Correct Answer Incorrect Answer

    Solution

    The RBI has roped in at least five banks to work with it on a pilot project for its digital currency -- the Digital Rupee for the retail market. these banks are State Bank of India, ICICI Bank, IDFC First Bank and HDFC Bank. The RBI is working on two fronts to test the central bank digital currency (CBDC): one for the wholesale market, and the other for retail (CBDC-R). The central banker is also weighing whether to build a new framework for its digital currency or make retail CBDC interoperable with the current digital payments system.

    Practice Next