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The Reserve Bank has announced the launch of a mobile app to enable retail investors to participate in government securities (G-Secs) or government bonds market. “To further improve ease of access, a mobile application of the Retail Direct portal is being developed. The app will enable investors to buy and sell instruments on the go, at their convenience. The app will be available for use shortly,” RBI Governor Shaktikanta Das said, while announcing the first bi-monthly monetary policy for the current fiscal.

RBI Retail Direct Scheme

RBI Retail Direct Scheme, launched in November 2021, gives access to individual investors to maintain gilt accounts with the RBI and invest in government securities. The Scheme enables investors to buy securities in primary auctions as well as buy/sell securities through the Negotiated Dealing System – Order Matching system (NDS-OM) platform.

In a separate announcement, RBI permitted non-bank payment system operators to offer Central Bank Digital Currency (CBDC) wallets to encourage its wider use. Currently, CBDC pilots in the retail and wholesale segments are underway with more use-cases and more participating banks.

“Continuing with this approach, it is proposed to make CBDC-Retail accessible to a broader segment of users in a sustained manner, by enabling non-bank payment system operators to offer CBDC wallets,” he said. The government is also planning for gross market borrowing of Rs 14.13 lakh crore for 2024-25. Out of this Rs 7.5 lakh crore, or 53 per cent, is scheduled to be borrowed in the first half (H1).

He stated that this initiative is anticipated to improve user access and broaden the array of options accessible, while also testing the CBDC platform’s resilience in managing multi-channel transactions. He further mentioned that adjustments to the system will be implemented to support this endeavor. The wholesale CBDC pilot, named Digital Rupee-Wholesale (e-W), commenced in November 2022 with a focus on settling secondary market transactions in government securities. Subsequently, the RBI introduced a pilot for the retail version of the CBDC (e-R) the following month.

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