India’s UnionCabinet which is the supremedecision making body composed of seniorgovt. officialsin the presence of the Prime Minister ‘Narendra Modi’ – announced thatit’dpermitthe nation’s Export-Import Bank (Exim Bank) to conductanalysison distributed ledger andblockchain technology in collaboration with bankswithin theBRICS economic bloc, ofwhich India is a member, next to South Africa, Russia, Brazil and China.
The approval is ex-post facto,that meansthat the Exim Bank has already signed amemoof Understandingsbeneaththe BRICS Interbank Cooperation Mechanism.
According to local reporting by ‘Business Standard,’ theanalysishas already begun, and is being conducted with the Banco Nacionalde Desenvolvimento Economico e Social from Brazil, Vnesheconombank from Russia, the China Development Bankand also theDevelopment Bank ofAfrican 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 operationswithin thefinancialsector for a better economical efficiency is still hoped out this new research conducted by the the government.