Now Reading: RBI Says CBDC, ULI Adoption Is Expanding Beyond Pilot Stage
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RBI Says CBDC, ULI Adoption Is Expanding Beyond Pilot Stage
The Reserve Bank of India says its central bank digital currency and Unified Lending Interface are now being used in real-world transactions rather than remaining pilots. RBI Deputy Governor Rohit Jain said…
The Story in Brief
The Reserve Bank of India says its central bank digital currency and Unified Lending Interface are now being used in real-world transactions rather than remaining pilots. RBI Deputy Governor Rohit Jain said banks were being encouraged to expand their use cases, while the central bank was discussing wider adoption with state governments.
The Hindu reports that the digital rupee is being used for transactions including some cross-border payments and government schemes. Jain said 12 states have digitised land records, which could support ULI-based lending checks. ULI allows banks to access data such as land records and tax documents before approving loans. Retail CBDC is intended for everyday payments, while wholesale CBDC serves inter-bank settlements and payments to state government accounts.
The Indian Opinion
Claims that digital rupee adoption is either an instant replacement for cash or an unused experiment both run ahead of the evidence. The facts point to targeted use in government payments, lending and some cross-border transactions, with state-level adoption still developing. The useful measure is not the number of pilots or announcements, but regular transaction volumes and the number of loans processed through ULI. RBI should publish both clearly.
Source: thehindu.com
This story was synthesised by AI from the source linked above.
