At a basic technical level, interoperability between separate CBDC systems may be possible through adherence to commonly agreed international standards on different aspects of cross-border payments

RBI can set up the core CBDC system and let the private sector manage customer-facing operations

Reserve Bank of India plans a "phased implementation" of a digital currency

Beijing may need to fix its policy mix before its first-mover CBDC can gain reserve-currency status

The need for an inter-regulatory coordinated approach to encourage innovation in financial technologies

Need to release guidelines for the licensing of digital-only banks in India

The digital banking model operates as partnerships between licensed banks and non-banks, popularly referred to as ‘neobanks’.

Traditional lending models by banks have failed to meet financing needs of small and medium enterprises

Technical glitches, lack of accurate datasets leading to ineffective and untimely transfers