Axis Bank introduces UPI interoperability functionality on its CBDC app

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Axis Bank has introduced UPI interoperability functionality on its CBDC app (Axis Mobile Digital Rupee). This is a part of the Reserve Bank of India’s ongoing CBDC (Central Bank Digital Currency) initiative. With the introduction of this feature, customers will be able to seamlessly use Digital Rupee to pay to existing UPI QR codes of merchants. Additionally, this capability will help merchants to embrace the acceptance of Digital Rupee payments on their existing QR codes, eliminating the need of mandatory on boarding. Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.

State Bank of India (SBI) has introduced facility to allow customers to enroll in social security schemes by just furnishing an Aadhaar card. The bank has unveiled the new feature — which will be available at the bank’s Customer Service Points (CSPs) — that aims to make the process of enrolling in various social security schemes simpler. Customers visiting CSPs will need only their Aadhaar cards to enroll in schemes such as Pradhan Mantri Jeevan Jyoti Bima Yojana, the Pradhan Mantri Suraksha Bima Yojana, and the Atal Pension Yojana. The customers will no longer need to carry their passbooks to the CSPs for such purposes. The aim of the new feature is to empower every section of society by removing barriers for accessing financial security. State Bank of India is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.