--> eRupi pilot sees Rs 275cr bond trade on Day 1 | e₹ | e Rupi

eRupi pilot sees Rs 275cr bond trade on Day 1

Banks transacted in Rs 275-crore worth of government securities using eRupi or central bank digital currency (CBDC) for the first time.


Mumbai: Banks transacted in Rs 275-crore worth of government securities using eRupi or central bank digital currency (CBDC) for the first time. On Tuesday, 48 G-Sec trades took place using CBDC. The deal settled in CBDC is understood to have taken place between IDFC First Bank and ICICI Bank. The nine banks that were selected for the pilot project were 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 are understood to have done 3-5 deals each.

IDFC First Bank confirmed that it had executed the first transactions using CBDC eRupi for Rs 5 crore. “IDFC First Bank executed the first secondary market transaction in government securities using CBDC settlement today. We are one of the few banks participating in the RBI’s pilot project on digital rupee with the settlement of G-Sec transactions as the use case,” said Piyush Wadhwa, head of financial markets and treasury at IDFC First Bank.

The RBI issued CBDC eRupi tokens to the selected banks according to their requests. The trades took place on the existing NDS-OM platform — a screen-based electronic order matching system for secondary market trading in G-Secs. To trade separately using eRupi CBDC, the bank used the ‘request for offer’ facility on the platform. This platform was created so that retail buyers who find it

difficult to get trades matching their requirements can put in requests for the fulfilment of their specific requests. Banks that are willing to cater to the requirement can step into the deal and complete the transactions.

Unlike other deals on the NDS-OM, the request for offer platform gives a view of the counterparty bank.

A key difference between regular g-sec trades and eRupi or CBDC-based deals is that the settlement happens immediately or in a t+0 manner which implies settlement within zero days of the trade. Deals settled via the current account take place within a day of the transaction or t+1.

G-sec gets updated as per regular government bonds instead of making payments from the current account; the payment is made from eRupi CBDC account, where banks hold currency based on the indent they have placed with the RBI. Just like regular currency, at the end of the day, banks have the option to continue holding it as eRupi CBDC or converting them into regular currency.

News Source : Times of India

COMMENTS

Name

1 gbp to inr,1,1 sar to pkr,1,Bank of Baroda e₹,1,Bitcoin,4,Block Chain,1,Cash,1,CBDC,10,CBDC Converter,7,CBDC Launch,2,CBDC-R,2,CBDC-W,1,convert sar to pkr,1,crypto,1,Cryptocurrency,12,currency converter,3,Digital Bank,3,Digital Banking,4,Digital Currency,6,Digital Rupee,1,Dirham to Rupee,1,Dubai Currency,1,e-Rupi,5,e₹,3,e₹ App,1,e₹ Bank,1,ecny,1,ekrona,1,Emirati Dirham,1,enjaz bank currency rate pakistan today,1,eRupee,2,eRupi,14,eRupi App,4,eRupi Bank,3,eRupi Finance,1,eRupi India,3,eRupi India App,3,eRupi kya hai,1,eRupi Launch,6,eRupi Limit,1,eRupi Money,1,eRupi News,3,eRupi Payment,1,eRupi Transfer,1,eRupi UPSC,1,eRupi Videos,7,eRupi Voucher,1,eRupi Vouchers,2,eRupi Wallet,1,eRupi Website,1,Free eRupi,1,Future,4,gbp to inr,1,gbp to inr forecast,1,gbp to inr today,1,Government,1,HDFC e₹,1,How to get eRupi,1,How to use eRupi,4,ICICI e₹,1,IDFC First Bank e₹,1,Kotak Mahindra Bank e₹,1,Kuwait Currency,1,KWD to INR,1,NPCI,1,Opinion,6,RBI,7,Results,1,sar to pkr today,1,saudi arabia 1000 riyal/indian rupees,1,saudi arabia currency in india,1,saudi arabia india currency,1,saudi arabia to india currency,1,saudi riyal pakistan currency,1,saudi riyal pakistani currency,1,SBI,1,SBI e₹,1,Tech News,4,Union Bank of India e₹,1,What is eRupi,9,Yes Bank e₹,1,
ltr
item
e₹ | e Rupi : eRupi pilot sees Rs 275cr bond trade on Day 1
eRupi pilot sees Rs 275cr bond trade on Day 1
Banks transacted in Rs 275-crore worth of government securities using eRupi or central bank digital currency (CBDC) for the first time.
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgknmXttyW8eMOTH-X-WBklz6SDAUjAzR5EbunvlfV5JhyORwGYiFjzmTjgZw4_AcI1hzpoI9DqtqaFQuqudmwiQo0sVoDCR68QeaeqxDnorsR70yjmQij1u_IJHHxCGKXJql4YQYgbW9EBN3vt7q51kG3K5MufKFJ81lU9GmACw2uVxgHh2GfUIB2cTQ/s320/digital-rupee-cbdc.webp
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgknmXttyW8eMOTH-X-WBklz6SDAUjAzR5EbunvlfV5JhyORwGYiFjzmTjgZw4_AcI1hzpoI9DqtqaFQuqudmwiQo0sVoDCR68QeaeqxDnorsR70yjmQij1u_IJHHxCGKXJql4YQYgbW9EBN3vt7q51kG3K5MufKFJ81lU9GmACw2uVxgHh2GfUIB2cTQ/s72-c/digital-rupee-cbdc.webp
e₹ | e Rupi
https://www.erupi.in/2022/11/erupi-pilot-sees-rs-275cr-bond-trade-on-day-1.html
https://www.erupi.in/
https://www.erupi.in/
https://www.erupi.in/2022/11/erupi-pilot-sees-rs-275cr-bond-trade-on-day-1.html
true
5456415465404817071
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy