Top Headlines: CBDC rollout this FY, banks deal with sanctioned entities

business-standard.com:

The Reserve Bank of India is planning to introduce its Central Bank Digital Currency (CBDC) this fiscal year in a phased manner, initially for use only by wholesale businesses. Meanwhile, the Centre has told banks that they can exercise their commercial discretion and not deal with sanctioned entities, particularly in the case of Russia, while settling international trade in rupees. Read more on these in our top headlines.

India's CBDC roll-out likely this fiscal with wholesale businesses

The Reserve Bank of India (RBI) is planning to introduce its Central Bank Digital Currency (CBDC) this fiscal year in a phased manner, initially for use only by wholesale businesses, and is designing it in a way that leaves no room for anonymity by its users, sources said. The CBDC will be introduced for retail segments only after the RBI examines its usage among wholesale businesses, and a call on whether to allow anonymous transactions for general usage will be taken then. Read more

Trade settlement: Govt says banks free to not deal with sanctioned entities

The Centre has told banks that they can exercise their commercial discretion and not deal with sanctioned entities, particularly in the case of Russia, while settling international trade in rupees, people aware of the matter said. Banks had reached out to the government and the Reserve Bank of India (RBI), expressing their fear that the rupee trade mechanism could result in economic sanctions on them by the West. Read more

Firms rev up plans to build massive battery storage capacity to power EVs

India will be building over 145 gigawatt hour (GWh) of advanced chemistry cell battery storage capacity to power the electric vehicle revolution, according to government estimates. The