Advancements in Indian Banking: Blockchain Technology Gains Momentum

The Indian Banks' Digital Infrastructure Company (IBDIC) is exploring the integration of domestic Letter of Credit (LC) issuance on the blockchain, according to the Indian Banks' Association (IBA). A limited number of banks are currently using blockchain technology on a small scale, with no interoperability concerns among them. IBDIC, which comprises 18 banks, is currently focused on implementing domestic Letter of Credit issuance on the blockchain. The Public Sector Banks (PSB) Alliance is also preparing to launch a digital balance confirmation portal that will offer various microservices, including a shared blockchain technology platform for LC issuance.