IDFC First Bank has partnered with ToneTag, a global proximity and voice tech solution provider to enable acceptance of Digital Rupee at Merchant outlets. This partnership comes at the back of a pilot program launched by the Reserve Bank of India (RBI). RBI recently announced the launch of Central Bank Digital Currency (CBDC) for retail users.
This initiative is in the first phase of its implementation with 4 banks including IDFC FIRST Bank. Through this initiative, the currency is issued in the same denominations and distributed through financial intermediaries and the users will be able to transact through a digital wallet offered by the participating banks. The digital rupee offers features of physical cash like trust, safety and settlement finality. Like cash, the CBDC will not earn any interest and can be converted to other forms of money, like deposits with banks.
IDFC First Bank provides a range of financial solutions to individuals, small businesses and corporates.
Company Name | CMP |
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HDFC Bank | 1811.20 |
ICICI Bank | 1313.60 |
Axis Bank | 1122.45 |
Kotak Mahindra Bank | 1780.00 |
Indusind Bank | 965.85 |
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