India’s Largest Private Bank to Explore Blockchain Opportunities
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....
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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....
India’s largest bank by assets, the State Bank of India (SBI), will be the first in the country to embrace branch-less banking by launching its digital-only bank, SBI Digi Bank. The move by India’s largest bank is significant, in a country that is exhaustingly reliant on banking at physical locations. The digital bank will see a launch sometime in the next 3-6 months, according to a report in Indian daily the Economic Times. The country’s largest lender is initiating its 100% digital banking endeavor within months of an unprecedented demonetization drive enforced by the Indian central....
India’s BankChain consortium, a working group of major Indian banks developing blockchain solutions completed its first project ‘Clear-Chain’, a platform to share customer data. Clear Chain is the product of a banking consortium led by government-owned State Bank of India (SBI), India’s largest bank, which launched the financial banking blockchain working group ‘Bankchain’ in February this year. Although led by a public-sector bank, the consortium also includes India’s largest banks such as HDFC, ICICI and Axis, among several others. The consortium also includes blockchain specialists and....
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....
India’s leading private lender HDFC Bank is using robots in its branches to improve its customer service, making it the first to use ‘humanoids’ in India’s banking sector. In a report from the Business Standard, more humanoids will be inserted into banks in India after determining the response from customers, according to Nitin Chugh, HDFC’s head for digital banking. The installation of HDFC Bank’s humanoid is part of an artificial intelligence program that was launched last year. By doing so, the bank is hoping to improve their customer service as well as its marketing aspects. Chugh....