Page 20 - Banking Finance August 2023

PRESS RELEASE

HDFC Bank onboards over 1 lakh customers and 1.7 lakh merchants

under CBDC pilot programme

HDFC Bank announced the launch of UPI QR code
interoperable with India's sovereign digital currency,
Central Bank Digital Currency (CBDC). With this, HDFC
Bank becomes one of the first banks in the country to
complete the integration process. The interoperable
UPI QR code allows HDFC Bank merchants who have
been onboarded on the bank’s CBDC platform, to
accept payments from their customers in the form of
Digital Rupee currency, boosting usage of CBDC in day-
to-day transactions.
The initiative is an extension to the CBDC pilot launched
by the Reserve Bank of India (RBI), last year. CBDC or Digital Rupee is a tokenised digital version of the Indian Rupee,
issued by the RBI as a Central Bank Digital Currency.
An interoperable QR code enables basic QR payment acceptance terminal to support Scan & Pay feature from various
factors & payment options. It provides freedom to accept payments using the same QR from various form factors.

Green Economy to Emerge as the New Pillar of Cooperation

Between India and Africa
The 18th edition of CII-Exim Bank Conclave on India-Africa
Growth Partnership was inaugurated by Dr. S Jaishankar,
Hon’ble Minister of External Affairs, Government of India
at New Delhi on June 14, 2023. Addressing the large
number of Indian and international delegates, Dr. S.
Jaishankar emphasised that rise of Africa is important for
global rebalancing. He also stressed that India believes
in forging a development partnership based on the needs
and priorities of Africa. During the event, Ms. Harsha
Bangari, Managing Director, India Exim Bank highlighted
that India and Africa have several complementary sectors
and industries, which provide a strong foundation for
collaboration. The event also witnessed release of two India Exim Bank publications.
India Exim Bank’s research publication titled ‘Forging Sustainable India-Africa Partnership through Green Transition’ builds
on India’s bilateral trade and investment with Africa and focuses on the potential for strengthening green economy
relations. India and Africa remain vulnerable to climate change despite accounting for much lower per capita emissions
as compared to the global average. Building an India-Africa partnership through green transition therefore can foster
sustainable development, address climate change, and enhance mutual cooperation between the two regions.
India and Africa’s bilateral trade has reached new heights in 2022. In this regard, the study has attempted to analyse
the level of green trade between India and Africa. Further, the study analyses the present climate financing flows into
Africa and the existing gaps which could be addressed through green investment opportunities, for advancing the
development impact.

20 | 2023 | AUGUST | BANKING FINANCE