Renowned interested of India are teaming up for the new blockchain technology to make funding easier for small and medium sized business. ICICI bank, Kotak Mahindra Bank, HDFC Bank and axis bank on one of them and 11 consortium member are also engaged.
The consortium is organizing the meetings among the participating bank members. Standard Chartered Bank, RBL Bank, yes Bank and south Indian Bank are the active member of consortium and state Bank of India, IndusInd Bank and Bank of Baroda participating in the meeting as outside member.
The banks are discussing the implementation of blockchain technology and how it can work for supply chain of financing industry. The pure purpose behind adopt blockchain technology is to save time and encourage people to do business more. The thought of having such an organisation is to remove any communication obstacle among the different banks. The blockchain technology network can only work with synergy buy a simple network. The main objective of having such network is to ensure make transparency of credit in the undertaken section.
According to the advanced Central Bank data, the remarkable credit of all business bags with the MSME sector as a percentage of the total corporate credit big Bank in a just 17.3%.
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