The Reserve Bank of India is about to launch a trial on CBDC and might have it up and running before the end of the fiscal year, according to local media Moneycontrol.
The Reserve Bank of India is in talks with fintech companies and state-controlled banks about a trial run of a central bank digital currency , local publication Moneycontrolon Sept. 5. An unnamed public sector bank official told the publication that the trial may precede an RBI launch of a CBDC this fiscal year.
U.S.-based financial services company FIS was mentioned as one of the fintech companies with which the RBI is consulting. FIS senior director Julia Demidova confirmed to Moneycontrol that, “FIS has had various engagements with the RBI […] and, of course, our connected ecosystem could be extended to the RBI to experiment various CBDC options.”the launch of its CBDC Virtual Lab on Aug. 25. The company was already active in the CBDC sphere as the host of conferences and roundtables on the topic.
The RBI is reportedly in talks with public sector banks State Bank of India, Punjab National Bank, Union Bank of India and Bank of Baroda on participating in the trial. The government owns at least a 50% share in those banks.
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