The launch of RBI’s Digital currency in India in 2022 is currently primarily for the settlement of secondary market transactions of government securities only but the retail version of the Digital Rupee is also expected to be rolled out soon. Currently, only select banks can use e-currency in India for select transactions. The nine banks that can participate in the pilot project of wholesale digital currency are Union Bank of India, Bank of Baroda, State Bank of India, ICICI Bank, HDFC Bank, IDFC, Kotak Mahindra Bank, Yes Bank, and HSBC.