Employee benefit claims will now be deposited by Union Bank into CBDC wallets rather than salary accounts
Employee benefit claims will now be deposited by Union Bank into CBDC wallets rather than salary accounts
Banks have been encouraged to guarantee 100% staff registration on the Digital Rupee app and to encourage all staff members to trade using the digital currency as part of boosting CBDC wallet transactions.
According to an internal bank circular seen by Moneycontrol, public sector lender Union Bank of India (UBI) has permitted different employee benefit claim amounts to be deposited straight to a CBDC (central bank digital currency) wallet rather than a salary withdrawal account over time. intended to provide.
A digital version of paper money is called CBDC.
The legal tender, often known as the digital rupee, is supported by the RBI.
In place of the employee pay withdrawal account, the bank intends to deposit different employee benefit claim amounts straight into the CBDC wallet in order to promote the digital rupee, according to a December 26 circular. The required modifications to the system have already been done. In process "said.
According to the circular, UBI has chosen to immediately credit eligible workers' CBDC wallets with their December 2023 Newspaper Allowance on a trial basis.
It will be deposited on December 27 for officers and December 29 for award workers. Employees in such a situation are exempt from applying to the Union Parivar for Newspaper Allowance for December 2023. Put money in the worker's CBDC wallet. The circular said that the money produced might be cashed in each account or utilized in the transaction.
The circular said that workers who do not own a CBDC wallet or whose allowance for newspapers could not be credited because of a technical problem would get the allowance credited to their salary withdrawal account.
Banks have been encouraged to guarantee 100% staff registration on the Digital Rupee app and to encourage all staff members to trade using the digital currency as part of boosting CBDC wallet transactions.
The goal of one million daily transactions in the retail sector of the Central Bank Digital Currency (CBDC) by the end of 2023 has been reached by the Reserve Bank of India (RBI). During the year-end speech on December 29, Das informed the RBI staff, "We have also made significant strides in the use of e-rupee (CBDC) as well as crossed the milestone of one million activities in a day on December 27, 2023." In a letter, I wrote. A copy of the letter has been examined by Moneycontrol.
After launching the retail e-rupee pilot project on December 1, 2022, the RBI plans to raise the digital currency's volume as it gains more insight on how the public utilizes it. Commercial banks have also been promoting retail CBDC usage and registering new customers by offering incentives like cash-back in recent weeks.
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| Employee benefit claims will now be deposited by Union Bank into CBDC wallets rather than salary accounts |
Banks have been encouraged to guarantee 100% staff registration on the Digital Rupee app and to encourage all staff members to trade using the digital currency as part of boosting CBDC wallet transactions.
According to an internal bank circular seen by Moneycontrol, public sector lender Union Bank of India (UBI) has permitted different employee benefit claim amounts to be deposited straight to a CBDC (central bank digital currency) wallet rather than a salary withdrawal account over time. intended to provide.
A digital version of paper money is called CBDC.
The legal tender, often known as the digital rupee, is supported by the RBI.
In place of the employee pay withdrawal account, the bank intends to deposit different employee benefit claim amounts straight into the CBDC wallet in order to promote the digital rupee, according to a December 26 circular. The required modifications to the system have already been done. In process "said.
According to the circular, UBI has chosen to immediately credit eligible workers' CBDC wallets with their December 2023 Newspaper Allowance on a trial basis.
It will be deposited on December 27 for officers and December 29 for award workers. Employees in such a situation are exempt from applying to the Union Parivar for Newspaper Allowance for December 2023. Put money in the worker's CBDC wallet. The circular said that the money produced might be cashed in each account or utilized in the transaction.
The circular said that workers who do not own a CBDC wallet or whose allowance for newspapers could not be credited because of a technical problem would get the allowance credited to their salary withdrawal account.
Banks have been encouraged to guarantee 100% staff registration on the Digital Rupee app and to encourage all staff members to trade using the digital currency as part of boosting CBDC wallet transactions.
The goal of one million daily transactions in the retail sector of the Central Bank Digital Currency (CBDC) by the end of 2023 has been reached by the Reserve Bank of India (RBI). During the year-end speech on December 29, Das informed the RBI staff, "We have also made significant strides in the use of e-rupee (CBDC) as well as crossed the milestone of one million activities in a day on December 27, 2023." In a letter, I wrote. A copy of the letter has been examined by Moneycontrol.
After launching the retail e-rupee pilot project on December 1, 2022, the RBI plans to raise the digital currency's volume as it gains more insight on how the public utilizes it. Commercial banks have also been promoting retail CBDC usage and registering new customers by offering incentives like cash-back in recent weeks.
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