MUMBAI - IndusInd Bank has announced a collaboration with Indraprastha Gas Limited (IGL) to introduce payments through the Digital Rupee at select gas stations in Delhi NCR (NYSE:VYX). This initiative utilizes the Reserve Bank of India's Central Bank Digital Currency (CBDC), launched in 2022, along with blockchain technology to improve financial services. The Digital Rupee application is designed to be user-friendly, available on both iOS and Android platforms, and features UPI QR code interoperability for seamless transactions.
Sumant Kathpalia, Managing Director & CEO of IndusInd Bank, expressed support for the move as a significant step in reducing reliance on cash transactions. Kamal Kishore Chatiwal, Managing Director of IGL, also praised the integration of their natural gas distribution expertise with this financial innovation, which is expected to strengthen India's position in the global economy.
Despite the positive news, IndusInd Bank shares saw a slight decline to ₹1,479, marking a 0.48% decrease on the Bombay Stock Exchange (BSE) as of around 07:55 UTC today. The bank's partnership with IGL in Delhi NCR is seen as a pioneering effort in adopting RBI's CBDC for real-world transactions and aligns with Deputy CEO Arun Khurana's vision of India moving towards a less cash-dependent society.
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