IndusInd Bank executes maiden programmable e-rupee transaction in Ratnagiri
Explaining the present project, the statement said the bank creates digital wallets and manages the CBDC transfers alongside partners, including CIH, and added that 'circularity credits' are generated.
IndusInd Bank on Monday said it has executed the maiden transaction of the programmable e-rupee transaction in Maharashtra's Ratnagiri district.
The private sector lender said a pilot was done in collaboration with climate-tech company Circularity Innovation Hub (CIH) for paying farmers in lieu of generation of carbon credits.
Under the "programmability" feature, the end use of funds is programmed by a bank so as to avoid any misuse.
It initiated the programmable CBDC (Central Bank Digital Currency) disbursement to 50 farmers in Ratnagiri district of Maharashtra, and the aim is to scale it up to 1,000 farmers, the statement said, without giving a timeline.
Explaining the present project, the statement said the bank creates digital wallets and manages the CBDC transfers alongside partners, including CIH, and added that 'circularity credits' are generated.
Hindustan Agro and Jackfruit King Company take care of farmer engagement, linking sustainable practices to additional revenue streams, while Emertech Innovations has developed a Blockchain-backed platform to provide end-to-end traceability and transparency in the generation of revenues from 'circularity credits' and its traceable disbursement, it added.
The statement said in the next phase, the project will focus on safai karamcharis, aiming to increase their income by leveraging revenues generated from the collection, recycling, and repurposing of plastic waste.
"Collaborating with CIH and other stakeholders, we are excited to drive a positive change in the agriculture sector and beyond," the bank's Chief Executive and Managing Director Sumant Kathpalia said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
Women loco pilots speak about their struggle; many men have to be informed even for 'washroom break' in a moving train
Bandhan Bank Q4 FY24 Results Preview: PAT, interest income likely to grow in almost double digits; asset quality may improve
Gold and Silver rate today (May 16, 2024): Yellow metal futures subdued; white metal hits record high breaches Rs 87,000 mark
10:54 PM IST