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Indian banks are collaborating on a new blockchain platform to remove barriers to financing micro, small and medium-sized enterprises (MSMEs), the local Economic Times reported on Jan. 28.
A total of eleven banks – including the second largest bank, Kotak Mahindra Bank, State Bank of India and ICICI Bank – have already met to discuss the establishment of a platform that will facilitate the transparent lifting of funds for low turnover businesses.
The move is organized under a consortium called Blockchain Infrastructure Company.
"Credit penetration is low for the [MSME] area where it is generally estimated that the ticket size is between 10 rupees lakh [about $14,000] and 1 crore rupees [about $140,000]Viral Acharya, deputy governor of India's central bank, the Reserve Bank of India (RBI), told a conference last week.
India has sought to expand its use of blockchain technology across the country in recent years, while a hostile line on cryptocurrency persists.
In June 2018, the government announced its intention to launch a channel chain project called IndiaChain, which would apparently allow private and public entities to create tools such as payment applications while keeping track of large amounts of data. .
Little additional information has been published, while cryptocurrencies continue to decline, with regulatory efforts causing many delays.
Last July, in response to the RBI's ban on serving cryptocurrency companies, Kotak Mahindra Bank went further than others, blocking private cryptocurrency account holders, Cointelegraph announced. .
A few days later, a similar report was published about the first Indian digital bank, Digibank.
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