Current Affairs - Banking - Discussion

Indian Overseas Bank (IOB) launched its Central Bank Digital Currency (CBDC) mobile application, named IOB Digital Rupee, to facilitate transactions using India's sovereign digital currency. The application supports Peer-to-Peer (P2P) and Peer-to-Merchant (P2M) payments through a dedicated Digital Rupee Wallet. It also offers UPI interoperability, allowing customers to make payments using existing UPI QR codes. Additionally, its Programmable CBDC feature enables purpose-specific fund disbursements, including Direct Benefit Transfers and government grants. Headquartered in Chennai, Tamil Nadu, IOB was founded in 1937 and nationalised in 1969.