This project, called Digital Rupee-Wholesale (e-W), was initially launched in November 2022, but was limited to settling secondary market transactions in government securities

The Finance Minister Nirmala Sitharaman announced this initiative during the Union Budget 2022-23, which led to necessary amendments in the RBI Act of 1934

RBI has selected nine banks, including 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, to be part of the wholesale CBDC project

The retail version of the CBDC (e-R) was launched on December 1, 2022 in the form of a digital token that represents legal tender, mirroring the denominations of existing paper currency and coins

At the G20 Summit, RBI presented initiatives to transform the financial landscape, providing innovative, seamless solutions for banks and the public.