Page 24 - Banking Finance December 2023
P. 24
PRESS RELEASE
ICICI Bank customers can now pay using the digital rupee app to
merchant QR code
ICICI Bank has announced that it has enabled millions of customers to pay to any merchant QR code by using the Banks
digital rupee (e`) app named Digital Rupee by ICICI Bank. The Bank has made it possible by making its digital rupee app
UPI (Unified Payments Interface) interoperable.
This integration empowers customers to scan existing UPI QR code at merchant outlets and pay via the digital rupee
app. At the same time, it helps merchants to accept digital rupee payments on their existing UPI QR code, eliminating
the need for mandatory on-boarding procedure.
ICICI Banks introduction of UPI interoperability on its digital rupee app provides flexibility and convenience to customers.
It also expands the usage of digital rupee. ICICI Bank was selected to participate in the first cohort of the pilot project
on digital currency launched by the Reserve Bank of India (RBI) in December 2022. The Bank is live with this facility in
80 cities across the country.
Speaking on the initiative, Mr. Bijith Bhaskar, Head- Merchant Ecosystem, ICICI Bank said, At ICICI Bank, we strive to
provide seamless, innovative digital banking solutions to our customers. This new feature on our digital rupee app --
Digital Rupee by ICICI Bank-- enables the Banks customers to make payments on existing merchant QR code, thereby
exponentially expanding the avenues for payments. We are honoured to participate in this yet another significant
ecosystem level move towards Digital India.
We believe this initiative will bring a paradigm shift in the future of digital payments in India and promote greater acceptance
of digital currency among customers and contribute to an increased volume of transactions through digital rupee.
Closer Ties between India and Australia attain Renewed Significance
in an Evolving Global Trade Landscape
AEBF was conceived and initiated by Export-Import Bank of India in 1996 for Asian Export Credit Agencies (ECAs) to exchange
information and share ideas in a structured manner. The Asian ECA forums principle task is to develop and enhance regional
cooperation and forge stronger linkages among its member institutions, thereby fostering a long term relationship within
the Asian ECA community. The EFA hosted the 28th AEBF annual meetings under the theme, Export Credits 2040: Future
Priorities for an Evolving Landscape.
India Exim Banks Study titled Building Bridges: An Economic Analysis of India-Australia Trade and Investment Relations
was released during the Annual Meetings. The Study provided a birds eye view of the growing India-Australia trade and
investment relations during the pre- Australia-India Economic Cooperation and Trade Agreement (ECTA) period and how
ECTA could bring about a strategic shift in Indias trade and investment relations with Australia.
With the evolving global scenario, Australia has come to look at India as an important partner in promoting regional security
and stability. India-Australia bilateral relationship has developed along a positive track into a strategic partnership.
Merchandise trade between India and Australia which stood at US$ 15.6 million in 2012, has increased to US$ 27.8 billion
in 2022. While Indias trade relations with Australia have transformed considerably over the last decade, the structure and
pattern are yet to be diversified and there lies huge potential for diversifying Indias exports.
The study, employing a revealed comparative analysis, identified Indian exports having a comparative advantage in Australia
and provided strategy for enhancing trade in these products. The analysis also delves into the examination of pre-ECTA
tariffs, as well as non-tariff barriers and services restrictions impacting trade between India and Australia.
Transforming the ECTA into a Comprehensive Economic Cooperation Agreement (CECA) would build upon ECTA outcomes
to capitalise on the potential for closer economic ties between Australia and India. Recognizing the immense potential
for mutual growth and shared prosperity as the two nations deepen their ties, the publication outlines strategies to
enhance India's bilateral cooperation with Australia including a faster conclusion of CECA.
22 | 2023 | DECEMBER | BANKING FINANCE
