The Reserve Bank of India (RBI) announced the launch of a pilot for retail digital rupee (e-R) on 1 December with four banks in four cities, a month after testing the wholesale central bank digital currency (CBDC).

• The pilot, RBI said in a press release, would cover select locations in a closed user group (CUG), comprising participating customers and merchants.
• While it has identified eight banks for gradual participation in the pilot, the first phase will begin with four of them: State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank.