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The Central Bank of India will pilot the issuance of encrypted deposit certificates.
The Reserve Bank of India (RBI) will test encrypted certificates of deposit on Wednesday, using a CBDC version for interbank transactions for issuance and payment. According to Mr. Suvendu Pati, the RBI is collaborating with several banks to assess the applicability of blockchain in the traditional money market, aiming for a faster, safer, and more cost-effective financial system.
The experiment may expand to tools such as short-term corporate bonds, marking a step forward in RBI's digitalization initiative. This move comes as the Indian economy grows by 7.8% in Q2 2025, exceeding expectations, with the manufacturing and services sectors maintaining strong momentum.
At the same time, the government is promoting micro-investment through a fund starting from 250 rupee/month, helping to expand access to finance. Goldman Sachs forecasts that this initiative could generate 9.5 trillion USD in new capital flows over the next decade.