Reserve Bank of India is working on a blockchain banking platform

The Reserve Bank of India (RBI) is working on creating a blockchain platform through the Development Institute andresearch in banking technologies(IDRBT). The new decentralized platform is designed for banks to interact with the government. While the central bank supports this initiative, it has historically been hostile to cryptocurrency.

IDRBT head Ramasastry talked to Business Line about the new project and noted that they will be quite careful. The model should appear soon.

We are working on a platform model forblockchain applications for government in the banking sector. It will be documented and developed next year, – he said. Although there is a huge space for deploying blockchain applications, we are cautious about development.

The research and development department is also considering the possibility of further development of the fintech industry. Thus, IDRBT is already participating in a discussion of this issue with a number of companies.

The dialogue continues and we expect good results, – noted Ramasastri. Fintech companies are radically accelerating and changing the financial services industry.