Chennai : On this auspicious day of Dhanteras in the festival of Diwali, Indian Overseas Bank (IOB) today launched its Central Bank Digital Currency (CBDC) application (IOB Digital Rupee), enabling customers to transact conveniently using India’s Digital Rupee (e₹) through a secure and seamless digital payment mobile application.
The IOB Digital Rupee application provides customers with a secure and user-friendly mobile application to, maintain Digital Rupee Wallets and perform instant peer to peer (P2P) and peer to Merchant (P2M) transactions. The mobile application has been designed with a strong focus on security, ease of use and accessibility, ensuring a superior digital payment experience. The application supports UPI interoperability, providing customers an additional digital payment option alongside existing UPI applications.
Speaking on the launch, Shri Ajay Kumar Srivastava, MD & CEO, said, “The launch of IOB’s CBDC application marks another significant step in the Bank’s digital transformation journey. The Digital Rupee complements the existing digital payment ecosystem and offers customers a secure, convenient and innovative payment option. IOB remains committed to adopting emerging technologies that enhance customer experience and advance digital banking.”
The Bank has also enabled Programmable CBDC (PCBDC) functionality in the IOB Digital Rupee application, facilitating purpose-specific disbursement and utilisation of Government grants and benefits through CBDC. The functionality also offers potential for efficient delivery of Direct Benefit Transfer (DBT) and other Government-sponsored benefits.
Highlighting its potential, the MD & CEO added, “Programmable CBDC presents significant opportunities for efficient and purpose-driven delivery of Government benefits. The Bank is actively engaging with various Government departments to explore opportunities to act as a Sponsor Bank for PCBDC-based fund disbursement programmes.”
Through its Retail and Programmable CBDC initiatives, Indian Overseas Bank continues to strengthen its digital payment capabilities while supporting wider adoption of India’s Digital Rupee ecosystem.
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