- Banks in India have introduced cashback and rewards to spur e-rupee transactions in the country.
- Large banks like HDFC and smaller lenders like Yes Bank and IDFC First Bank have introduced such incentives.
- The e-rupee, which launched last year, has struggled to hit the transaction target set by the Reserve Bank of India.
Banks in India are pooling efforts to boost the popularity and use of the e-rupee, a central bank digital currency launched by the Reserve Bank of India, a local news outlet reported, citing three sources. The recent development comes on the heels of the central bank’s effort to attract users and drive transactions.
According to the report, the banks have introduced certain incentives, such as cashbacks and rewards, to drive e-rupee use upward. The sources said these benefits are similar to what the banks traditionally offer on credit and debit cards.
The report noted that HDFC Bank, India’s largest private lender, has put out such incentives to spur the rise of e-rupee transactions, according to Parag Rao, a top executive at the bank. However, Rao didn’t give specific details on the incentive offerings.
Likewise, smaller firms li…
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