India’s Union Cabinet which is the supreme decision making body composed of senior govt. officials in the presence of the Prime Minister ‘Narendra Modi’ – announced that it’d permit the nation’s Export-Import Bank (Exim Bank) to conduct analysis on distributed ledger and blockchain technology in collaboration with banks within the BRICS economic bloc, of which India is a member, next to South Africa, Russia, Brazil and China.
The approval is ex-post facto, that means that the Exim Bank has already signed a memo of Understandings beneath the BRICS Interbank Cooperation Mechanism.
According to local reporting by ‘Business Standard,’ the analysis has already begun, and is being conducted with the Banco Nacional de Desenvolvimento Economico e Social from Brazil, Vnesheconombank from Russia, the China Development Bank and also the Development Bank of African country.
However as per this release, the Indian Banking Sector additionally wants to explore and enhance its understanding focusing on the blockchain technology, through the joint research attempts to discover areas within required business operations where the blockchain technology might have the potential for applications aimed at strengthening the current operational efficiencies.
According to another reporting by ‘The Financial Express,’ making operations within the financial sector for a better economical efficiency is still hoped out this new research conducted by the the government.