The first phase includes four banks–State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank and subsequently, four banks Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank joined. The CBDC is expected to make the inter-bank market more efficient and settlements in e-rupee can reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk. PTI BEN MR MR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.