IBBIC (Indian Bank's Blockchain Infrastructure Company) Information

IBBIC (Indian Bank's Blockchain Infrastructure Company) is a consortium of eighteen banks – Bank of Baroda, ICICI Bank, Kotak Bank, Axis Bank, SBI, HDFC Bank, Yes Bank, IDFC Bank, RBL Bank, South Indian Bank, Federal Bank, Standard Chartered Bank, Canara Bank, Indian Bank, IDBI Bank, PNB and Union Bank of India as investors. The Objective of the company is to build blockchain and other emerging technology infrastructure to enable growth of banking & economy by leveraging the network of eco-system partners. Blockchain as a technology lends itself to multiple use cases outside of Cryptocurrency like Trade enablement and finance (both domestic and international), KYC & AML including digital Identity and Frauds management, Payments & Core Banking, Loyalty and Rewards, Securities, Insurance, Lending, Cross border payments etc. The focus of the company is to design, develop and launch various financial products and services on distributed Ledger and other new age technologies for high volume and cost-effective financial transactions.