HDFC bank,
ICICI Bank
NSE 1.80 % and
State Bank of India
NSE -0.09 % 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 Bank
NSE -0.50 %,
Bank of Baroda
NSE -0.31 % and
Union Bank of India
NSE -0.86 % are also involved.
The pilot project, called ‘proof of concept’ in industry parlance, will harness blockchain technology where ‘blocks’ of transaction data are stored in ‘chains’ with peer-to-peer access to enhance traceability of money flow.
“We are participating and supporting the...
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