The Reserve Financial institution of India (RBI) is trying to develop a proof-of-concept blockchain mission centered on commerce financing, alongside a number of prime Indian banks, the Financial Occasions reported on Thursday.
HDFC Financial institution (HDFCBANK), ICICI Financial institution (ICICIBANK) and State Financial institution of India (SBIN) are among the many the banks taking part within the mission designed to sort out mortgage fraud. the report mentioned.
The mission will intention to forestall the tampering of paperwork like Letters of Credit (LC) by issuing digital variations of them. Digital paperwork may forestall frauds likes those dedicated by Nirav Modi and Mehul Choksi, through which billions of rupees have been siphoned.
The central financial institution needs to make blockchain know-how part of its core banking system and can use this mission as a method of demonstrating that the idea has real-world use.
IBM (IBM), Corda Applied sciences and Belgium-based SettleMint are offering technological assist for the mission, the report mentioned citing folks with data of the matter.
India’s central financial institution is understood for its anti-crypto stance, although Governor Shaktikanta Das has beforehand mentioned that blockchain know-how can thrive with out cryptocurrencies.
The RBI didn’t instantly reply to CoinDesk’s request for remark.
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