Key Points
India's state-run banks are considering setting up a common blockchain technology platform to issue letters of credit and to facilitate multi-party underwriting, among other applications to be used by their corporate clients, said people familiar with the matter...
Once a business entity is registered on the proposed Digital Balance Confirmation Portal, all its bank accounts and credit facilities availed from each bank would be mapped, allowing a better overview of a potential borrower...
This would allow lenders to make faster decisions and provide a more efficient and secure solution for stakeholder entities and auditors, said the people...
The proposed platform would also support the writing and deployment of smart contracts and would seamlessly integrate with the existing enterprise software of all public sector banks (PSBs), said a bank executive, adding that this would also reduce credit intermediation costs for banks...
The initiative is proposed to be led by PSB Alliance Private Limited, set up as an intermediary for all the PSBs in 2010 with a mandate to create common applications and platforms, according to the executive...
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