The Reserve Bank of India (RBI) is encouraging more lenders to participate in the pilot programs of its central bank digital currency, the e-rupee. The pilot program, which began last year, covered both the wholesale and retail markets. Some large state-owned and private lenders such as the State Bank of India, Bank of Baroda, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, and Yes Bank have taken part in this project. RBI aims to achieve one million CBDC transactions daily by year-end and has asked smaller banks to either team up with fintech firms or develop their own systems to launch e-rupee pilots this year.