Day 1 sees Rs 275 crore trading in 48 transactions per second, details here


Even as the government started G-Sec transactions in digital rupees along with the wholesale sector, Tuesday (first trial day) saw a total of 48 transactions worth Rs 275 crore using the RBI’s Central Bank Digital Currency (CBDC) (RBI)).

According to data from the clearing company India Ltd (CCIL), out of a total of 48 transactions, 24 transactions were made of 7.38 percent of securities maturing in 2027 with a weighted average return of 7.33 percent, while 23 transactions of 7.26 percent of securities maturing in 2032 had a weighted average of 7.41 percent. One trade was executed on a 6.54 percent security maturing in 2032 with a return of 7.45 percent. The total turnover in the ordinary bond market on Tuesday was Rs 20,865 crore.

according to business standard In a report quoting sources, the first deal was concluded between the State Bank of India (SBI) and another state-owned lender Bank of Baroda (BoB).

“IDFC First Bank executed its first secondary market transaction in G-secs using a CBDC settlement on Tuesday,” IDFC First said in a statement. ICICI Bank sold the five-year government paper to IDFC First Bank.

Nine banks – 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 – participated in the pilot programme.

The start of trading in rupees comes after the central bank said earlier this month that the Reserve Bank of India would soon start a trial launch of a digital rupee (₹) for specific use cases.

“The use case for this empirical model is the settlement of secondary market transactions in government securities. The use of e ₹ -W is expected to make the interbank market more efficient. Settlement in central bank money would reduce transaction costs by anticipating the need for Infrastructure to guarantee settlement or collateral to mitigate settlement risk. Going forward, other wholesale transactions and cross-border payments will be the focus of future pilots, based on lessons learned from this pilot program,” the Reserve Bank of India said on Monday in a statement.

The Reserve Bank of India (RBI) also said that the first beta in the retail division of Digital Rupee (e ₹ -R) is scheduled to be launched within a month at select locations in closed user groups that include customers and merchants. Details regarding the operation of the pilot e ₹-R will be communicated in due course.

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