State Bank of India has started the service of UPI Interoperability on RBI’s Central Bank Digital Currency (CBDC).
SBI New Service: State Bank of India, the country’s largest government bank, has started its new service on 4th September. Due to which crores of customers of the bank will be benefited. Besides, e-Rupee will get a boost and digital payments will become easier. Actually, SBI has announced to start the service of UPI Interoperability on the Central Bank Digital Currency (CBDC) of the Reserve Bank of India.
How will it work?
This facility will benefit those customers who use digital currency. They can easily transact through e-Rupee by scanning the merchant UPI QR code. This decision of the bank will increase the use of digital currency in everyday transactions.
This bank is also included in the list
Earlier Yes Bank and Axis Bank have introduced UPI interoperability on CBDC app called Mobile Digital Rupee. SBI has also become a part of this revolution.
What did SBI say?
SBI said, “Seamless integration of CBDC with UPI is a significant leap for the bank, which will increase the acceptance and use of digital currency in everyday transactions.” Let us tell you that State Bank also became a part of the pilot project started by RBI in December 2022.
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