USD 33.29 million transacted in pilot
Forty-eight trades summing to INR 275 crore were carried out on Tuesday, for secondary market trades in government securities. This maiden test by the Reserve Bank of India was first done between the country’s largest bank; the State Bank of India and another state-owned lender Bank of Baroda.
As per the data received at 4 pm IST; trades in a total of 3 securities were settled by the new route.
Sources commented, “Since this was the first day, some deals only in liquid bonds were settled using CBDC,” while the RBI said, “Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk.”
The e-rupee which is expected to make the interbank market more efficient is planned for launch in the retail segment within a month.
