RBI taps top banks including HDFC, ICICI, SBI for blockchain-based trade financing project

RBI taps top banks including HDFC, ICICI, SBI for blockchain-based trade financing project

From economictimes.indiatimes.com

HDFC bank, ICICI Bank NSE 1.83 % and State Bank of India NSE 0.84 % are among nearly a dozen top lenders the central bank is engaging with to run a blockchain-based pilot project centred on trade financing. If successful, it could help prevent loan frauds by the likes of Nirav Modi and Mehul Choksi, fugitive borrowers that gamed the system to siphon off thousands of crores of rupees. Belgium-based SettleMint, US-based Corda Technologies and IBM would provide technology support for the project driven by the Reserve Bank of India’s (RBI) Innovation Hub in Bangalore, three people familiar with the matter told ET. Axis ... (full story)

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