According to reports, A supervising unit had been set up by India’s Central Bank Reserve Bank of India in August last year to oversee its efforts in emerging technologies including blockchain, cryptocurrency and Artificial Intelligence (AI). Though RBI denied the reports then but this year in April an announcement was made that the National Payments Corporation of India (NPCI), incorporated by RBI is now working on to develop a blockchain based payment solution which will be highly scalable to further strengthen digital payments in India. Though the report that came later missed the cryptocurrency part.
Further to this Institute for Development and Research in Banking Technology (IDRBT), an arm of RBI that focuses on banking technology is currently working on the development of a blockchain platform which can cater to the need of banks.
AS Ramasastri, Director of IDRBT reportedly said that IDRBT is currently working on a model platform for blockchain applications for the governments in banking and it will be documented and developed next year.
All available blockchain applications will be there in the upcoming blockchain platform with features like inter-operability, among others.
An Infosys-Finacle survey report of 2017 suggested that most of the banks have already invested globally in the blockchain technology or were aiming to do so in that year.
IDRBT, who is about to setup a 5G Use Cases Lab for banks, is increasing its pace in terms of its activities of the Fintech Forum which was launched a few months back with an aim of providing a continuous innovative platform to start-up ventures, fintech companies and banks for enhancing the co-innovation and reducing the on-boarding time for new technologies.