Question
Which of the following statements is/are true regarding
the pilot programme for wholesale digital rupee in the call money market initiated by RBI? I. Nine banks, including four public sector banks and five private sector banks, are participating in the e-rupee call money pilot. II. In the call money market, banks engage in short-term borrowing and lending activities among themselves, with interest rates determined by prevailing market conditions. III. The settlement will now be carried out using the CBDC instead of the real-time gross settlement used in trades on the Clearing Corp of India Limited (CCIL).Solution
The Reserve Bank of India (RBI) has initiated a pilot program for the wholesale segment of its central bank digital currency (CBDC) in the interbank call money market Nine banks, including four public sector banks and five private sector banks, are participating in the e-rupee call money pilot. In the call money market, banks engage in short-term borrowing and lending activities among themselves, with interest rates determined by prevailing market conditions. The operational process for the e-rupee pilot remains the same, except for the settlement, which will now be carried out using the CBDC instead of the real-time gross settlement used in trades on the Clearing Corp of India Limited (CCIL). The settlements will be in T+0 mode, indicating that trades will be settled on the same day.
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