$ 111,098.3
BTC
2.11 %
$ 2,642.78
ETH
4.16 %
$ 0.8049
ADA
4.41 %
$ 682.66
BNB
1.37 %
$ 178.57
SOL
3.95 %

Jafrin Ahmed
Jun 23, 2022

India’s Central Bank to Pilot Blockchain-Based Trade Financing: Report

India Blockchain-Based Trade Financing
India’s central bank, the Reserve Bank of India (RBI) is looking to run a blockchain-based pilot project centered on trade financing, alongside multiple top Indian banks.

Top Indian Banks Team Up With RBI on Blockchain Pilot Project

According to a report from the Economic Times, the Reserve Bank of India (RBI) has tapped top Indian banks including HDFC Bank, ICICI Bank, and State Bank of India to run a blockchain-based pilot project focused on trade financing. Other Indian banks such as Axis Bank, Bank of Baroda, and Union Bank of India are also involved.

Dubbed ‘proof of concept’, the pilot project will implement blockchain technology to enhance the traceability of finances. It also aims to prevent the tampering of documents like Letters of Credits (LC) by issuing their digital versions. Digital documents could prevent frauds like the ones committed by Indian businessmen like Nirav Modi and Mehul Choksi, who siphoned off billions with fake documents.

SettleMint, Corda, and IBM to Provide Tech Support

Belgium-based SettleMint, US-based Corda Technologies, and IBM would provide technical support for the project driven by the central bank's Innovation Hub in Bangalore. The objective behind the project is to make blockchain technology a part of the Core Banking System (CBS), according to the report. Interestingly, the Reserve Bank of India is likely to use the same technology for the proposed central bank digital currency project too.

India’s Central Bank to Pilot Blockchain-Based Trade Financing: Report
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Related News

Cardano (ADA) Experiences 27% Surge Amid Rising Spot ETF Hopes
LIVE CRYPTO NEWS

Cardano (ADA) Experiences 27% Surge Amid Rising Spot ETF Hopes

Cardano (ADA) has seen a significant price increase of 27% over the past 30 days, a rally coinciding with a notable jump in the odds for a spot Exchange-Traded Fund ...
alok agarwal12 hours ago
New Document Suggests XRP Holders Have Claim on Ripple's Future Cash Flows
LIVE CRYPTO NEWS

New Document Suggests XRP Holders Have Claim on Ripple's Future Cash Flows

A recently surfaced document indicates a profound economic link between XRP holders and Ripple’s future cash flows. This revelation could significantly alter t ...
Sujit Kumar15 hours ago
Bitcoin Surpasses $111,000 Milestone for the First Time
LIVE CRYPTO NEWS

Bitcoin Surpasses $111,000 Milestone for the First Time

Bitcoin (BTC) has achieved a significant new milestone, surpassing the $111,000 mark for the first time in its history. This unprecedented price surge underscores th ...
Ajay Agarwal15 hours ago
Satoshi Nakamoto's Elite Ranking Rises Amid Bitcoin Surge
LIVE CRYPTO NEWS

Satoshi Nakamoto's Elite Ranking Rises Amid Bitcoin Surge

As Bitcoin (BTC) continues its impressive rally, approaching the $108,000 mark, the estimated wealth of its pseudonymous creator, Satoshi Nakamoto, has seen a signif ...
Sujit KumarMay 21, 2025
PinkSale AutoStakeYield Fair Launch ad
Charles Hoskinson Explores Cardano's Potential in Argentina
LIVE CRYPTO NEWS

Charles Hoskinson Explores Cardano's Potential in Argentina

Charles Hoskinson, the founder of Cardano, has recently discussed the potential role of the Cardano blockchain in Argentina, particularly in relation to central bank ...
Ajay AgarwalMay 21, 2025