Union Bank of India Employees Unhappy for Getting Allowances in Digital Currency, CBDC wallets – Recently the employees of Public Sector Bank, Union Bank of India (UBI) has raised concern on transferring their allowances and perks to the Central Bank Digital Currency (CBDC) wallet instead of employees’ salary account.
With an aim to promote CBDC wallet transactions, banks have been advised to encourage all staff members to transact using the digital currency and ensure 100% staff registration on digital rupee app,” the bank said in a communication to employees on December 26.
Almost all the public sector banks are following the same and transferring the allowances to the CBDC wallets in order to promote the Digital Rupee.
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Employees Federation is protesting the move saying that the management cannot compel employees to use the wallet. The lobby group suggested the management to take staff members into confidence before taking such steps. In a letter to the management on December 28, the association said that using CBDC is optional and the bank management cannot compel employees to use it.
“Your desire for 100% staff registrations on Digital Rupee App for using Central Bank Digital Currency (CBDC) should be limited within advice and encouragement and cannot lead to compelling the employees for doing so (sic), said a letter from the union. RBI launched CBDC – Retail on December 1, 2022. It is a digital form of paper currency named digital Rupee.
According to Moneycontrol, RBI met its target of hitting a million daily transactions in the retail segment of CBDC on December 27. Several banks are reportedly offering incentives in form of cashbacks or reward points to promote the use of digital currency.
