IndusInd Bank Launches Innovative CBDC Pilot Program for Agricultural Finance
| Key Aspect | Details |
|---|---|
| Collaboration | IndusInd Bank and Circularity Innovation Hub India Private Limited (CIH) |
| Initiative | Reserve Bank of India's pilot program on programmable Central Bank Digital Currency (CBDC) |
| Target Audience | Farmers in Ratnagiri district, Maharashtra |
| Objective | Revolutionize agricultural finance by aiding farmers in carbon credit generation |
| Initial Disbursement | 50 farmers |
| Future Target | Approximately 1,000 farmers |
| Partners | Hindustan Agro, Jackfruit King Company, Emertech Innovations |
| Technology Used | Blockchain-backed platform for transparency and traceability |
| Key Figures | Sumant Kathpalia (MD & CEO of IndusInd Bank), Joel Michael (Founder & CEO of CIH), Bharat Dhokane Patil (Executive Chairman of Hindustan Agro) |
| Future Plans | Scale the initiative nationwide to benefit farmers and promote sustainable agricultural practices |