Indraprastha Gas Limited and IndusInd Bank associate to enable digital rupee transactions in Delhi NCR

Indraprastha Gas Limited (IGL) and IndusInd Bank today announced its association to facilitate the acceptance of Digital Rupee, the Central Bank Digital Currency (CBDC) launched by the Reserve Bank of India in 2022. This 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 CNG stations.

As one of the pilot banks participating in RBI's CBDC initiative, IndusInd Bank believes in the value added by CBDC and aims to provide a seamless and comprehensive payment experience to its customers through the usage of Digital Currency. 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.

Mr. 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."

Mr. Pawan Kumar, Director (Commercial) of IGL, added, "This initiative aligns with our mission to reduce carbon emissions and promote cashless transactions at IGL CNG Stations. At IGL, our customer centricity has prompted us to offer ubiquitous technological innovations which are ahead of its time and are introduced at an early stage among CGD companies. It is anticipated that this collaboration will set new industry standards and contribute to the nation's progress on multiple fronts."

Mr. 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."

Speaking on the development, Mr.Arun Khurana, Deputy CEO, IndusInd Bank, said, "This strategic partnership with IGL, one of our key customers, marks a significant milestone in our efforts to promote Digital Rupee. It is a progressive step in our constant endeavor to simplify banking experience for the customers and participants in the banking eco-system."

This strategic collaboration between IGL and IndusInd Bank not only highlights their commitment in efforts towards popularizing the acceptance of digital rupee, but also emphasizes their dedication to providing customers with a seamless and secure digital payment experience, fostering the growth of a digitally empowered economy.

Shares of Indraprastha Gas Limited was last trading in BSE at Rs. 392.05 as compared to the previous close of Rs. 390.20. The total number of shares traded during the day was 22883 in over 642 trades.

The stock hit an intraday high of Rs. 394.20 and intraday low of 390.30. The net turnover during the day was Rs. 8981337.00.

Source : Equity Bulls

Keywords

IndraprasthaGas INE203G01027 IndusIndBank DigitalRupee CBDC RBI