RBI Calls on Indian Banks to Explore Blockchain
One of the Reserve Bank of India's deputy governors has encouraged local banks to work with a research outfit previously established by the central bank on blockchain projects. In a speech during an event at the Institute for Development and Research in Banking Technology (IDRBT) on 19th July, Deputy Governor Rama Gandhi said banks should work to develop applications for digital currencies and distributed ledgers. The speech focused on banking technology more broadly, but according to Gandhi, the IDRBT is an effective means to test possible applications. He told event attendees:....
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For the time being, Infosys has not released specific details regarding their ongoing negotiations with various banks in India. Blockchain continues to attract interested players, and Infosys is in talks with banks to adopt a modified of blockchain technology. They will not use the Bitcoin blockchain, though, but rather a private version of distributed ledger technology. Bitcoin and blockchain enthusiasts will have heard the name Infosys before, as this Indian IT giant has established EdgeVerve Systems. The primary purpose of this subsidiary is to explore the boundaries of blockchain....
Two more Indian private banks have started conducting pilot transactions using blockchain technology, days after the country’s leading private sector bank, ICICI, completed its successful blockchain pilot. Axis Bank Ltd., and Kotak Mahindra Bank Ltd., are two of the latest banks to join the growing number of global financial institutions jumping onto the blockchain bandwagon. According to Indian publication Livemint, the two banks are experimenting with blockchain-based solutions in different sectors of businesses and industry. Chief among them are applications for cross-border remittance....
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The Indian banks are increasingly collaborating with fintech startups in the country to develop banking solutions. India decided to do away with over 80 percent of its currency in circulation overnight. The move, almost brought the country’s economic machinery to a grinding halt as people flocked to the banks and post offices to exchange their old high-value banknotes for new ones. As experts debate about its potential impact on the country’s economy, Indian banking institutions have decided to upgrade their operations and infrastructure to match present day requirements. According to a....
Banks are perceived to be safe by most people. The common public is wary of risky investments and tend to gravitate more towards the familiar and what could be more familiar than the neighbourhood bank with a cash machine sticking out of the wall? The month of October has brought shocking news for Indian debit card users as more than 3.2 mln debit cards are now known to have been compromised. This compromise is the largest ever breach of security in the Indian banking system. The largest Indian bank, the State Bank of India has been the worst hit with more than 600,000 debit cards....