IndusInd Bank Collaborates With Indraprastha Gas To Enable Digital Rupee Transactions In Delhi NCR

IndusInd Bank on Friday announced its association with Indraprastha Gas Limited (IGL), to facilitate the acceptance of Digital Rupee, the Central Bank Digital Currency (CBDC) launched by the Reserve Bank of India in 2022, the company through an exchange filing.

The collaboration will enable customers at select IGL stations in Delhi NCR, to make payments using the Digital Rupee, fostering the use and acceptance of India’s Digital Currency. Further, through UPI interoperability, customers can scan any UPI QR using their Digital Rupee App across all IGL stations.

The Digital Rupee solution is available on both iOS and Android platforms, ensuring a user-friendly experience and offering various features such as peer-to-peer (P2P) and peer-to-merchant (P2M) payments with complete UPI QR interoperability.

Sumant Kathpalia, Managing Director & CEO, IndusInd Bank, said, “The adoption of CBDC is a significant step in reshaping financial landscape. We believe that Digital Rupee, with its blockchain technology, fortifies financial services, by offering faster, convenient and secure transactions. With the introduction of UPI interoperability, Digital Rupee is poised to become another significant platform contributing towards a ‘cashless’ economy.”

Kamal Kishore Chatiwal, Managing Director of IGL, stated that, "We are proud to be part of this pioneering endeavor that integrates our expertise in natural gas distribution with the financial sector. This initiative is right step in enabling secure, inclusive, sustainable and efficient mode of digital transaction which will further strengthen India's position in the global economy."

IndusInd Bank shares

The shares of IndusInd Bank on Friday at 1:32 pm IST  were trading at Rs 1,481.65, down by 0.30 percent.