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The Reserve Financial institution of India (RBI) has recognized eight banks for the phase-wise pilot launch of the retail digital rupee. 4 banks together with State Financial institution of India (SBI), ICICI Financial institution, YES Financial institution, and IDFC First Financial institution are collaborating within the first part of the pilot programme whereas Financial institution of Baroda, Union Financial institution of India, HDFC Financial institution, and Kotal Mahindra Financial institution will be part of the pilot within the second part.
The pilot will initially cowl 4 cities — Mumbai, New Delhi, Bengaluru, and Bhubaneswar. It would later lengthen to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla.
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