The leading urban cooperative bank of India Saraswat Bank has evinced interest in adopting what is known as Blockchain technology aimed at achieving client satisfaction through faster, more convenient and secure services.
Initiated by the State Bank of India (SBI) this new initiative is India’s first Blockchain exploration consortium for banks. The new group was announced in Mumbai on 8th February 2017, says a media report.
Axis Bank, Central Bank of India, DCB Bank, Deutsche Bank, HDFC Bank, ICICI Bank, IDBI, Kotak Mahindra Bank and Saraswat Bank have also shown an interest in collaborating with Bank-Chain.
Other benfits of Blockchain technology include minimization of fraud, maximization of efficiency, security and transparency, streamlining paper work, accelerated information and money flows, greatly improved auditability, streamlining paperwork and greatly improve auditability