The Reserve Bank of India (RBI) has locked in HDFC Bank, ICICI Bank and State Bank of India among almost a dozen lenders across the region to operate a blockchain-based pilot project centered on trade financing, The Economic Times reported Thursday (June 23).
The effort could help prevent loan fraud across India, an issue that became problematic in the nation when fugitive borrowers Nirav Modi and Mehul Choksi gamed the system to siphon off thousands of crores of rupees, according to the report.
Belgium-based SettleMint, United States-based Corda Technologies and IBM would provide technology support for the project, which would be centered in RBI’s Innovation Hub in Bangalore, the report stated. Axis Bank, Bank of Baroda and Union Bank of India are also involved in the pilot project that will harness blockchain technology to improve the traceability of money.
“We are participating and supporting the initiative,” said a Bank of Baroda spokeswoman.
The RBI, other banks and technology...
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