Note – IDFC First Bank also announced the integration of UPI QR codes with its CBDC.
Benefits:
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
Launched on:
- 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.
Additional Features:
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
Established: 1998
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