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HDFC Bank Becomes First to offer Interoperability

Published on July 15, 2023
Current Context: HDFC Bank has launched UPI QR code interoperable with the Central Bank Digital Currency (CBDC). This means that HDFC Bank merchants who have been onboarded on the bank’s CBDC platform, can accept payments from their customers in the form of Digital Rupee currency, boosting usage of CBDC in day-to-day transactions.
HDFC Bank Becomes First to offer Interoperability
  • The initiative is an extension to the CBDC pilot launched by the Reserve Bank of India (RBI), last year.
  • The Digital Rupee is a digital variant of physical currency, issued by the RBI. It can be used to send or receive money, or pay for goods and services, using a digital wallet app. The Digital Rupee is available in all denominations, from 1 to 500.
  • If you are interested in trying out the Digital Rupee, you can download the HDFC Bank Digital Rupee Wallet app from the Google Play Store. The app is currently available for Android version 10+ users in selected cities, including Ambala.

Question:

Q.1 Which bank has launched UPI QR code interoperable with CBDC?
a. HDFC Bank
b. ICICI Bank
c. SBI Bank
d. Axis Bank
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