Indian Banks to Implement Blockchain Technology

CIO Tech Outlook Team | Tuesday, 05 December 2023, 08:59 IST

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The Indian government announced on December 5 that the Indian Banks' Association (IBA) said that the Indian Banks' Digital Infrastructure Corporation (IBDIC) is currently considering implementing block letters of credit (LC) issuance.

Finance Minister  Bhagwat Karad said in the Lok Sabha that according to the IBA, only a few banks are using blockchain technology on a small scale.

Therefore, there are no issues related to  platform cooperation. In a written reply, he added that Indian Banks Digital Infrastructure Company (IBDIC) Private Limited, formerly Indian Banks Blockchain Infrastructure Company (IBBIC) Private Limited, has been incorporated with the aim of providing a framework for digital exploration, delivery and implementation. . Solutions for the Indian Financial Services Sector is currently working to adopt the implementation of Domestic Letter of Credit (LC) issuance on blockchain as one of its use cases.

It is a group of 18 banks including leading public and private sector banks in India.

Karad also said that the Reserve Bank Innovation Hub (RBIH) planned to consider distributed ledger technology (DLT) technology for the financial ecosystem and conduct a proof-of-concept (POC) exercise. And "there is no proposal to establish guidelines for banks or to specify a  common blockchain technology platform model." He said this in his written reply in the Lok Sabha.

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