Ripple Links Swirl Around Indian Banks in CBDC Pilot
The Reserve Bank of India's (RBI) Digital Rupee pilot program has sparked speculation after social media claims linked several participating banks to Ripple's blockchain technology.
A recent post on X from user @SMQKEDQG suggested that Yes Bank, Kotak Mahindra, Axis, and Federal Bank are already 'Ripple integrated' and could be an entry point for BRICS payment systems into the XRP Ledger.
The claims, however, have not been confirmed by the RBI or Ripple. In fact, the RBI's 2024-25 Annual Report highlights the development of the CBDC ecosystem but does not identify Ripple, XRP, or the XRP Ledger as part of the e₹ pilot.
A closer look at the banks' past dealings with Ripple reveals that Federal Bank did sign an official RippleNet partnership in March 2019 for cross-border remittances routed through Ripple's network. However, this deal has not been updated or expanded to include the CBDC system.