IndusInd Bank associates with Indraprastha Gas Limited (IGL) to enable digital rupee transactions in Delhi NCR

Delhi, 24 November, 2023: IndusInd Bank today announced its association with Indraprastha Gas Limited (IGL), to facilitate the acceptance of Digital Rupee, the Central Bank Digital Currency (CBDC) launched by the Reserve Bank of India in 2022. This collaboration will enable customers at select IGL stations in Delhi NCR, to make payments using the Digital Rupee, fostering the use and acceptance of India’s Digital Currency. Further, through UPI interoperability, customers can scan any UPI QR using their Digital Rupee App across all IGL stations.

As one of the pilot banks participating in RBI's CBDC initiative, IndusInd Bank believes in the value added by CBDC and aims to provide a seamless and comprehensive payment experience to its customers through the usage of Digital Currency. The Digital Rupee solution is available on both iOS and Android platforms, ensuring a user-friendly experience and offering various features such as peer-to-peer (P2P) and peer-to-merchant (P2M) payments with complete UPI QR interoperability.

Mr. Sumant Kathpalia, Managing Director & CEO, IndusInd Bank, said, “The adoption of CBDC is a significant step in reshaping financial landscape. We believe that Digital Rupee, with its blockchain technology, fortifies financial services, by offering faster, convenient and secure transactions. With the introduction of UPI interoperability, Digital Rupee is poised to become another significant platform contributing towards a ‘cashless’ economy.”

Speaking on the development, Mr.Arun Khurana, Deputy CEO, IndusInd Bank, said, “This strategic partnership with IGL, one of our key customers, marks a significant milestone in our efforts to promote Digital Rupee. It is a progressive step in our constant endeavor to simplify banking experience for the customers and participants in the banking eco-system.”

Mr. Kamal Kishore Chatiwal, Managing Director of IGL, stated that, "We are proud to be part of this pioneering endeavor that integrates our expertise in natural gas distribution with the financial sector. This initiative is right step in enabling secure, inclusive, sustainable and efficient mode of digital transaction which will further strengthen India's position in the global economy."

Mr. Pawan Kumar, Director (Commercial) of IGL, added, "This initiative aligns with our mission to reduce carbon emissions and promote cashless transactions at IGL CNG Stations. At IGL, our customer centricity has prompted us to offer ubiquitous technological innovations which are ahead of its time and are introduced at an early stage among CGD companies. It is anticipated that this collaboration will set new industry standards and contribute to the nation's progress on multiple fronts."

This strategic collaboration between IndusInd Bank and IGL not only highlights their commitment in efforts towards popularizing the acceptance of digital rupee, but also emphasizes their dedication to providing customers with a seamless and secure digital payment experience, fostering the growth of a digitally empowered economy.

About IndusInd Bank:

IndusInd Bank Limited commenced its operations in 1994 catering to the needs of consumer and corporate customers. Since its inception, the Bank has redefined the banking experience for its customers including various government entities, PSUs, retail and large corporations. As on September 30, 2023, IndusInd Bank has a customer base of approx. 37 million, with 2631 Branches/Banking Outlets and 2903 ATMs spread across geographical locations of the country and covering 1,43,000 villages. The Bank has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology that supports multi-channel delivery capabilities. It enjoys clearing bank status for both major stock exchanges BSE and NSE and settlement bank status for NCDEX. It is also an empanelled banker for MCX.

RATINGS

Domestic Ratings:

• CRISIL AA + for Infrastructure Bonds program/Tier 2 Bonds 
• CRISIL AA for Additional Tier 1 Bonds program 
• CRISIL A1+ for certificate of deposit program / short term FD program 
• IND AA+ for Senior bonds program/Tier 2 Bonds by India Ratings and Research
• IND AA for Additional Tier 1 Bonds program by India Ratings and Research
• CARE A1+ for Certificate of Deposits 

International Ratings:

• Ba1 for Senior Unsecured MTN programme by Moody’s Investors Service

Visit us at https://www.indusind.com/   

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For more information, please contact:

About IGL :

About IGL – IGL is currently celebrating 25th Year of its incorporation. The role of IGL in checking the vehicular pollution in the National Capital Region is well acknowledged both at national as well as international forums. IGL has well laid out its city gas distribution infrastructure in Delhi, Noida, Greater Noida, Ghaziabad, Rewari, Gurugram, Karnal, Kaithal, Fatehpur, Ajmer, Pali, Rajsamand, Hamirpur, Shamli, Muzaffarnagar, Banda and parts of Kanpur and Meerut which consists of more than 23000 Kms of pipeline network. IGL is meeting fuel requirements of over 1.6 million vehicles running on CNG through a network of 782 CNG stations. IGL has connected over two million households in these cities with PNG.

For more information, please contact:

Indraprastha Gas Limited (IGL)

Amandeep Singh

amandeep.singh@igl.co.in