 Hello everyone, welcome to Entrepreneurial India. On Tuesday, the Reserve Bank of India rolled out a pilot project called Central Bank Digital Currency with the launch of the digital rupee for the wholesale segment. The bank has issued a statement saying this is going to make Interbanking very efficient. So what does this mean? The digital currency or CBDC is a digital form at a legal tender issued by the RBI. The digital rupee holds the segment that will be used for the settlement of secondary market transactions in the government security. After drawing cues from this, the digital rupee in the retail segment will be lost within a month. The nine banks which are part of this project are State Bank of India, Union Bank, Bank of Baroda, HDFC Bank, ICICI Bank, Port of Mandra Bank, DS Bank, IDFC First Bank and HSBC. The digital money is backed by RBI and will be accepted throughout the country. Earlier, Prime Minister Narendra Modi had mentioned that the digital money could be exchanged for cash and will open new opportunities for the fenced sector. Are you ready for this?