India’s largest public sector bank, State Bank of India (SBI) has introduced Unified Payments Interface (UPI) interoperability for its Digital Rupee(eRupee), also called as Central Bank Digital Currency (CBDC), enhancing accessibility and convenience for customers. Through the ‘eRupee by SBI’ application, CBDC users can now seamlessly scan merchant UPI Quick Response (QR) codes, facilitating swift and secure transactions.
Note – IDFC First Bank also announced the integration of UPI QR codes with its CBDC.
i. It aligns with the growth and popularity of the UPI payment system, which allows customers to make instant payments using a Virtual Payment Address (VPA).
ii.SBI has been actively participating in the Reserve Bank of India’s (RBI) retail digital e-rupee project since December 2022, making this integration a significant advancement.
iii. Transitioning to a Cashless Economy: This development aligns with India’s ongoing shift towards a cashless economy, bridging the gap between CBDC and the widely utilized UPI platform.
iv. Promising Future for CBDC Integration: SBI’s move to introduce UPI interoperability holds promise for the future of CBDC integration, with potential game-changing implications for digital payments in India.
Central Bank Digital Currency (CBDC)
CBDCs are a digital form of a paper currency. Unlike cryptocurrencies, which exist in a largely unregulated environment, CBDCs are official legal tender issued and supported by a central bank. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. Digital Rupee is using blockchain distributed-ledger technology.
- The Digital Rupee (e₹) or E-Rupee is a tokenised digital version of the Indian Rupee, issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC).
Proposed in: January 2017
- Digital Rupee -Wholesale (e₹-W) : November 01, 2022
- Digital Rupee-Retail (e₹-R): December 01, 2022
Note – In 2020,the Bahamas, an island nation introduced the world’s First central bank digital currency (CBDC) known as the Sand Dollar.
SBI Card unveils additional features on its super-premium card ‘AURUM’
SBI Card, India’s leading credit card issuer, has unveiled the latest features of its super-premium card ‘AURUM’ for C-suite executives and high-net-worth individuals. AURUM is an exclusive, by-invitation-only credit card adorned with handpicked features designed to provide cardholders with unique privileges.
Note– Aurum” in the context of “SBI Card Aurum” is a Latin word that means “gold.
i.Annual Spends-Based Milestone: Cardholders can earn rewards based on their annual spending, allowing them to accumulate benefits up to INR 2 lakh per year.
ii.Unlimited International Lounge Access has now been extended to allow 4 international lounge visits for accompanying guests.
iii. Club Marriott Membership: Cardholders receive a complimentary 1-year Club Marriott membership.
Membership Fees: The joining and annual membership fee for AURUM is INR 9,999, available by invitation only. However, this fee is waived if cardholders achieve a spending milestone of INR 12 lakh during their card membership year.
About SBI Card
MD & CEO: Abhijit Chakravorty
Headquarters: Gurgaon, Haryana.
Parent organization: State Bank of India
About State Bank of India (SBI):
Chairman– Dinesh Kumar Khara
Headquarters– Mumbai, Maharashtra
Establishment – 1955
Tagline–The banker to Every Indian