The Banks in India are Considering Using Blockchain for Promoting Tech for Payments


The Indian Business Magazine, Business Today reports that The National Payments Corporation of India (NPCI) is in view of implementing blockchain tech to increase the strength of digital transactions in the country.

The initiative of ten banks, under the aegis of the Indian Banks’ Association (IBA), aims to improve the NPCI by implementing distributed ledger technology, the publication underlines.

The NPCI, who serves as an umbrella firm that operates retail transactions and settlement systems in India and includes 56 national banks as stakeholders, was set up with the guidance and support of the Reserve Bank of India and the IBA. The NPCI will focus on developing blockchain tech in the payment domain for boosting digital transactions.

 According to the article

"NPCI intends to develop a resilient, real-time and highly scalable blockchain solution. It is proposed to develop this solution using an open source technology/ framework/solution."

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