Union Bank to Credit Staff Benefit Claims to CBDC Wallets
Union Bank of India (UBI) plans to provide credit for employee benefit claim amounts directly to the Central Bank Digital Currency (CBDC) Wallet, instead of a salary drawing account over a period. The legal tender, called Digital Rupee, is backed by the RBI and is aimed at promoting the digital rupee.
UBI has also decided to credit newspaper allowances in advance for December 2023 directly to the CBDC wallet of eligible employees on a pilot basis. Officers will receive the allowance on December 27 and award staff on December 29. Employees are not required to apply for newspaper allowance in Union Parivar. The amount credited in the CBDC wallet can be used in transactions or redeemed to their respective accounts.
(With inputs from Shikha Singh)
You need to login in order to Like
