India settles 2.75 billion rupees of government bonds via e-rupee.
- On Tuesday, the Reserve Bank of India’s central bank-backed digital rupee settled secondary market transactions in Indian government bonds worth 2.75 billion rupees ($33.29 million).
- Three securities—five-year 7.38% 2027, previous benchmark 6.54% 2032, and current benchmark 7.26% 2032 bonds—were resolved using the new procedure.
“Since this was the first day, certain trades solely in liquid bonds were paid utilising CBDC,” a state-run bank dealer stated.
- The RBI unveiled the wholesale CBDC trial on Monday, saying the e-rupee will improve the interbank market.
- “Settlement in central bank money would minimise transaction costs by pre-empting the requirement for settlement guarantee infrastructure or collateral to offset settlement risk,” the RBI added.