The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. Retail CBDC transactions are averaging close to 18,000 a day, way short of the RBI's one million-a-day target by 2023 end. UPI is an instant real-time payments system that allows users to transfer money across multiple banks without disclosing bank account details. The facility, announced in June, has been activated by large banks, including State Bank of India, the country's largest lender. Top private lender HDFC Bank is working with a technology firm IDEMIA to build a version of offline CBDC transactions for feature phones, according to two people aware of the plans.

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Persons: Danish Siddiqui, Sharat Chandra, Akhil Handa, Handa, Jaspreet Kalra, Siddhi Nayak, Dhanya Ann Thoppil Organizations: Bank of India, REUTERS, Danish, Rights, Reserve Bank of India, UPI, State Bank of India, India Blockchain, HDFC Bank, Bank of Baroda, Thomson Locations: Mumbai, India, Rights MUMBAI, Siddhi