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Indian banks unveil blockchain-linked funding for SMEs

Monday 4 February 2019 00:45 CET | News

A group of 11 Indian banks have teamed up to unveil a blockchain-linked funding for SMEs.

The participants include ICICI, Axis, HDFC, Kotak Mahindra, Yes Bank, Standard Chartered, RBL, South Indian Bank, IndusInd Bank, State Bank of India and Bank of Baroda.

The meetings among the participating banks are being organised by a consortium called the Blockchain Infrastructure Company (BIC).

The goal is to revamp lending for default-prone small companies. The banks have been working together to set up a live network that cuts time in supply-chain financing.

The blockchain network will allow the banks to access public credit data so they can reduce risks when offering lending.

The first phase will see the live network set up, thus allowing registration and the digitisation of records.


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Keywords: banking, blockchain, digital, innovation, lending, partnerships, SME ICICI, AXIS, HDFC, Kotak Mahindra, YES Bank, Standard Chartered, RBL, South Indian Bank, IndusInd Bank, State Bank of India, Bank of Baroda, Asia, India
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Countries: World