India's Yes Bank Builds Blockchain for Vendor Financing
Yes Bank has announced that it has built a blockchain-based vendor financing solution for one of its clients using technology from the open-source project, Hyperledger. Built for consumer electrical equipment manufacturer Bajaj Electricals, with help from startup Cateina Technologies, the permissioned blockchain system digitizes how Bajaj Electricals is able to transact with its clients. According to a press release, the solution allows Mumbai-based Bajaj to automatically debit customer accounts so that these companies can then purchase its own products. In a statement, Yes Bank expanded....
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Yes Bank, a prominent private sector bank in India has announced the implementation of a multi-node blockchain to digitize and automate vendor financing solutions for a regional client. Vendor financing is essentially the lending of money by a company to one of its customers, so the latter can purchase products from the company, driving sales for the former. To develop the solution, Yes Bank sourced technology from the Linux Foundation-led open-source blockchain project, Hyperledger. The blockchain solution made use of smart contracts developed by Fintech startup Catenia Technologies to....
Just as India’s fifth largest private sector bank announced that it has implemented a Blockchain transaction, the Institute for Development & Research in Banking Technology, the research arm of the country’s apex bank, says that it has tested the technology for core banking processes in the country. IDRBT is an arm of the Reserve Bank of India (RBI). It says the time is ripe for Blockchain technology adoption in India. Yes Bank has used the transaction to digitize vendor financing for a consumer appliances manufacturer. Booming market. In its white paper titled “Applications of....
India’s central bank, the Reserve Bank of India (RBI), has warned about multiple risks cryptocurrency poses to the country’s financial stability. “They are also prone to frauds and to extreme price volatility,” the apex bank claims, stressing that “cryptocurrencies pose immediate risks to customer protection and anti-money laundering (AML) / combating the financing of terrorism (CFT).”
RBI’s Assessment of Cryptocurrency
India’s central bank, the Reserve Bank of India (RBI), published its biannual Financial Stability Report....
The Deputy Governor of the Reserve Bank of India announced the central bank's intention to set up a blockchain committee to reduce the usage of currency notes. India is one of the largest cash dependent nations in the world. A majority of people in the world’s largest democracy have the tendency to use cash for most of the transactions. This has created a challenge for the Indian central bank —The Reserve Bank of India to maintain the liquidity in the country’s monetary system. In order to ensure there are enough bank notes to go around, the premier bank is forced to print more currency....
India is just not that into crypto these days. Or, perhaps, not yet. Nirmala Sitharaman, India’s finance minister, revealed last month that the Reserve Bank of India will deploy a digital rupee sometime in the fiscal year 2022-2023. India will become one of the largest economies to launch a central bank digital currency if the […]