Yes Bank's Ajay Rajan talks about the transformative potential of the CBDC
Yes Bank was one of the earliest banks to participate in the Reserve Bank of India’s (RBI) Central Bank Digital Currency (CBDC) retail pilots, starting December 2022. The scope of these pilots is being expanded each week in terms of peer-to-peer (P2P) and peer-to-merchant (P2M) adoption and usage. Ajay Rajan, Yes Bank’s head of digital banking and transformation, says the response from customers to the pilot has been good and talks about the scope of CBDC, its use cases and how it will co-exist with UPI in the payments ecosystem.