India to pilot retail digital currency on December 1

India will undertake the first pilot for retail digital currency on December 1, the central bank said Tuesday, extending the test to evaluate the creation and distribution of the digital currency in the South Asian market with a closed group of customers and merchants a month after it began evaluating the CBDC for the wholesale segment.
Four local banks — State Bank of India, ICICI Bank, Yes Bank and IDFC — will participate in the initial phase of the pilot in four cities (Mumbai, New Delhi, Bengaluru and Bhubaneswar). Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahind

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