Bhubaneswar: Manoj Kumar Mishra, Principal Secretary of Electronics & Information Technology (E&IT) Department, Government of Odisha, on Thursday unveiled the HDFC Bank’s E-Rupee (Central Bank Digital Currency) in Bhubaneswar.
This is for the first time that the digital currency has been launched in Bhubaneswar to empower the small merchants in the city to digitize their payments through CBDC and reduce the cash payment hassles faced by them.
Bhubaneswar is one of the four cities where CBDC will be rolled initially by RBI. HDFC Bank has joined hands with the RBI to implement the project. The bank has on-boarded small merchants on E-Rupee platform.
With the developments in the economy and the evolution of the payments system, the form and functions of money has changed over time, and it will continue to influence the future course of currency.
The concept of money has experienced evolution from Commodity to Metallic Currency to Paper Currency to Digital Currency. The changing features of money are defining new financial landscape of the economy. Further, with the advent of cutting-edge technologies, digitalization of money is the next milestone in the monetary history. Advancement in technology has made it possible for the development of new form of money viz. Central Bank Digital Currencies (CBDCs).
E&IT Principal Secretary Manoj Mishra launched the Digital Currency on the occasion of opening of HDFC Bank’s 190th branch in Odisha at Pokhariput in Bhubaneswar.
The Pokhariput Branch is HDFC’s 33rd Branch in Bhubaneswar. The branch was inaugurated by the E&IT Principal Secretary in the presence of Shubhranshu Mishra, Joint Secretary to CM and Puja Mishra, Joint Secretary Science and Technology.
On the occasion SHG loans were disbursed to two Women SHG Groups and cheques were handed over to Women SHG’s group and with green intiative, handed over the key to the owner of Electric Vehicle by Manoj Kumar Mishra.
He complimented all employees of bank and guided on having more ATM’s at unbanked GP in Odisha. He also urged the bank to reach out to rural pockets in Odisha.
Mission Shakti led SHG’s also showcased their millet based products.
The bank disbursed loans for two wheelers, four wheelers, tractors and commercial vehicles. Disbursement cheques were handed over to the beneficiary.
Animesh Biswal, Vice President HDFC Bank, Odisha stated that HDFC Bank is committed to providing world-class services and all types of loans in the State of Odisha.
Biswal said that the Bank will also expand its ATM, BC Points, and branches in Odisha to help achieve the objective of financial inclusion in the State.
The occasion was also graced by all vertical heads of HDFC Bank.
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