The total number of Indian Banks, almost eleven of them including some big lender. Such as State Bank of India, Kotak Mahindra Bank, and ICICI Bank have already initiated a meeting for discussing. This implementation regarding a certain platform to make things easier and help businesses with a smaller turnover.
Moreover, this step is planned and organized within a consortium which entitles as the “Blockchain Infrastructure Company”. The Deputy Governor at the Reserve Bank of India aka RBI. Also which is the of India’s central bank, Viral Acharya states in the previous conference:
Credit penetration is low for the [MSME] sector where the ticket size is generally believed to be between 10 lakh rupees [about $14,000] and 1 crore rupees [about $140,000].
India is willing to explore its statewide in the use of blockchain technology from some recent years to be a conversely hostile line regarding cryptocurrency.
Back in June 2018, the government reveals their planning to establish a blockchain project entitling “IndiaChain”. This project seems to ostensibly let private and state entities, launching tools including payment applications. This will help to monitor huge amounts of data.
It seems that very minor information is available, whereas digital currencies still languish in a gray area, as agency regulators show multiple delays.