Indian Banks to Offer Incentives for Use of Central Bank Digital Currency (CBDC) E-Rupee
Indian banks are looking to promote the use of the central bank digital currency (CBDC) e-rupee, with plans to offer incentives such as cashbacks and reward points to users who utilize digital currencies for payments within the country. The Reserve Bank of India (RBI) has been pushing for increased digital currency trading volumes and established new features to bring digital currencies to India's real-time payments system, UPI. Smaller private lending banks such as Yes Bank and IDFC First Bank are also planning to offer reward points for digital currency transactions. Other banks, including ICICI Bank and Union Bank, are also considering rolling out similar benefits.
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