India’s National Payments Corporation Wants to Build a Blockchain Solution

April 15, 2019
83 Views

The National Payments Corporation of India (NPCI) – a bank consortium-owned umbrella organization for retail payments and settlements – is planning to use blockchain technology to boost digital transactions.

According to a report in Business Today on Sunday, the NPCI has said it plans to develop a “resilient, real time and highly scalable” blockchain solution using open-source technology. The organization has already issued an Expression of Interest (EoI), calling for entities to bid to develop a blockchain solution for the payments space.

The NPCI is a non-profit organization supported by India’s central bank, the Reserve Bank of India (RBI) and the Indian Banks’ Association. It is promoted by 10 banks, including the State Bank of India (SBI), ICICI Bank and HSBC, and has 56 banks as shareholders as of 2016.

While the status of public cryptocurrencies in India is currently a gray area, the central bank has indicated it is researching how to introduce a rupee-backed central bank digital currency into its monetary policy in a bid to reduce its hefty annual bill for minting physical cash.

The nation is also enthusiastic about blockchain technology. Last year, the National Institution for Transforming India (called NITI Aayog), a government think-tank, was working on a blockchain solution aimed to combat the country’s roaring counterfeit drugs trade.

Further, India’s Union Cabinet – an executive decision-making body composed of senior government officials and led by Prime Minister Narendra Modi – said it would allow the nation’s Export-Import Bank (Exim Bank) to conduct research on blockchain technology in partnership with banks in the BRICS economic bloc.

Indian rupees image via Shutterstock

https://www.coindesk.com/indias-national-payments-corporation-wants-to-build-a-blockchain-solution

You may be interested

How the Blockchain Stops Cheaters: Cryptocurrency and Provably Fair Gaming
Bitcoin
21 views
Bitcoin
21 views

How the Blockchain Stops Cheaters: Cryptocurrency and Provably Fair Gaming

btcethereumadmin - July 21, 2019

Online casinos and betting sites have proliferated since the first of their kind came on the scene in 1994. Thanks…

Crypto Bullishness Spreads on Capitol Hill
Bitcoin
21 views
Bitcoin
21 views

Crypto Bullishness Spreads on Capitol Hill

btcethereumadmin - July 21, 2019

U.S. Congress has shown that it is starting to care about cryptocurrency as a number of lawmakers spoke up in…

Using the Awesome Oscillator to Find Bitcoin Buy and Sell Signals
Crypto News
27 views
Crypto News
27 views

Using the Awesome Oscillator to Find Bitcoin Buy and Sell Signals

btcethereumadmin - July 21, 2019

Few trading tools are as simple and as elegant as the “Awesome Oscillator.” First developed by American trader Bill Williams,…

Leave a Comment

Your email address will not be published.