Indian Bank ICICI Establishes Digital Division to Harness Blockchain Technology
ICICI Bank in India has created a chief technology and digital officer position (CTDO) along with a technology and digital group (TDG) to work on improving the bank’s digital capabilities, Chanda Kochhar, managing director and CEO noted in an interview, according to Mint, an Indian business publication. Blockchain technology, the bank believes, will make banking more secure and robust. The TDG group will help make the organization develop its digital capabilities for its commercial, retail and wholesale banking, its treasury business, and its small and medium enterprises business. ICICI....
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ICICI Bank, India’s largest private bank, will focus on Blockchain technology to make its services more secure and create a more robust experience for its customers.. ICICI Bank, India’s largest private bank, will use Blockchain technology to make its services more secure. According to the Indian newspaper Mint, ICICI Bank, headquartered in Mumbai, India, will create a new position with the title Chief Technology and Digital Officer (CTDO) for this purpose. The CTDO will report directly to Chanda Kochhar, Managing Director and CEO of ICICI Bank. The CTDO will be in charge of the bank’s....
India’s largest private sector lender, ICICI Bank, has tied up with Dubai’s largest bank, Emirates NBD, to develop a blockchain platform to facilitate international trade finance and remittance. Indian bank ICICI has announced the successful pilot of transactions executed over a blockchain, developed in partnership with Middle Eastern banking giant Emirates NBD. A custom-made blockchain platform was used for the transactions, developed by a subsidiary of Indian technology powerhouse Infosys. The pilot transactions saw an ICICI Bank branch in India’s industrial capital Mumbai, remit funds....
Since blockchain technology makes it cheap and easy to send immutable data and information all over the world in seconds, this field trial was only a matter of time. Blockchain technology is being explored by many financial service providers all over the world right now. Over in India, the first-ever blockchain transaction has been successfully completed. ICICI Bank, one of the country’s largest private banks, conducted several transactions using this technology. In doing so, they became the first Indian bank to publicly acknowledge success in the world of distributed ledgers. As one would....
ICICI Bank and three other financial services platforms have partnered with Stellar cryptocurrency platform to enable blockchain based fund transfer. The Indian fintech sector has lately been in the news a lot. In yet another milestone achievement, one of the leading banking institution — ICICI has partnered with Stellar blockchain platform. In the latest release, Stellar has announced partnerships with not one but four different entities across the world. In addition to ICICI Bank, other platforms include Coins.ph — a Philippines-based mobile financial services provider; Flutterwave — a....
Major Indian bank ICICI has asked customers not to use the Reserve Bank of India (RBI)’s liberalised remittance scheme (LRS) for any crypto-related investments. ICICI, a leading private sector bank in India, has updated its retail outward remittance application to include cryptocurrency. With this update, the bank has asked its customers to declare under India’s Foreign Exchange Management Act 1999 (FEMA) that they will not use the Reserve Bank of India (RBI)’s liberalised remittance scheme (LRS) for any crypto-related investments. The bank’s declaration states:....