Loading… Loading… Loading…
TheReserve Bank of India(RBI) is among the banks in Indialookingto rapidly increase the countrys digital currency trading volumes andpromotethe use of Central Bank Digital Currency (CBDC)e-rupee.
Incentives such ascashback along with reward points are being used by Indian banks to promote the usage of digital currencies as a mode of payment within the country, Reuters reported as cited by sources.
Benzingas Future of Digital Assetsconference is scheduled in New York on Nov.14. Attend and learn more about digital currency usage across geographies. The gathering is seen as pivotal for the digital assets community.The event will spotlight the latest trends, innovationsand challenges in the digital asset realm.
Read More: India Pivots On Crypto After Reviewing G20 Proposal, Secretary Of Economic Affairs Says
Imitating the credit/debit card strategy by banks, RBI took the step of having incentives such as retail transactions within the country remaining at 25,000 daily, which was much lower than the desirable target set.
RBI drafted an initial pilot program for e-rupee in December 2022 in cooperation with nine banks for ramping up digital transactions and achieving 1 million daily transactions. The banks included in the list are:the State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank Ltd., Kotak Mahindra Bank, Yes Bank, IDFC First Bankand the Indian unit of HSBC Holdings Plc.
Also Read: You Could Soon Ask Siri To Make UPI Payments Says RBI: Details Here
Initiatives By Banks: Parag Rao, HDFC's country head for payments, liability products, consumer financeand markets, indicatedthe bank would roll out offers leading to the expansion of transactions involving digital currency. Smaller private banks such asYes Bank and IDFC First Bank also plan to look at offering reward points which can be later en-cashed for travel bookings, mobile rechargesand highway-related taxes.
ICICI Bank and Union Bank are also looking at offering similar benefits to attract users to utilize digital currency as a payment method.
Industry titansBlackRock,DTCC,OCC,State Street,Socit Gnrale,Hedera,Citi,BMO,Northern Trust,Citibank,Amazon,S&P Global,Google,Invesco, andMoodyswill join Benzinga onNov. 13 forFintech Deal Dayand Nov.14 forFuture of Digital Assets. Secure a spot here to join them!
Photo: ShutterstockLoading… Loading… Loading…