More banks have joined the recently formed Indian Banks' Blockchain Infrastructure Company (IBBIC) that will harness blockchain technology to process letters of credit (L/Cs) for domestic transactions in India (DC World News, 21 June 2021).

Four private banks and three banks in which the government of India has at least a majority share join the fifteen banks that comprised ten private-sector banks, four public-sector banks and one foreign bank in the original IBBIC line up.

New participants

State-owned development finance institution, IDBI Bank; the second largest government-owned bank in India, Punjab National Bank, and Union Bank of India, which is majority-owned by the government, all announced last week that they had joined IBBIC.

Subsequently private financial institutions Kotak Mahindra Bank, Axis Bank, HDFC Bank and ICICI Bank said they had joined the newly incorporated fintech.

Original participants

The original fifteen banks participating in IBBIC include private financial institutions RBL Bank, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Yes Bank, South Indian Bank, Federal Bank and IDFC First Bank.

Public sector banks in the original IBBIC consortium are State Bank of India, Bank of Baroda, Canara Bank and Indian Bank, while Standard Chartered is the only foreign bank in the new company.

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