The first pilot in the Digital Rupee with Wholesale segment (e₹-W) shall commence on November 1, 2022.Totally nine bank will participate in the pilot launch of (e₹-W) namely State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC.
The use case for this pilot is settlement of secondary market transactions in government securities. Use of e₹-W is expected to make the inter-bank market more efficient wholesale transactions, and cross-border payments. The first pilot in Digital Rupee - Retail segment (e₹-R) is launch shortly in select locations in closed user groups comprising customers and merchants.