15 Banks Form New Company to Process Letters of Credit in India Using Blockchain

[Tanimariya]

IBBIC's new system will verify data for invoices on goods and services tax, eliminate paperwork and significantly reduce transaction times. Fifteen banks have formed a new company with a focus on leveraging blockchain technology to process letters of credit (LC) for domestic transactions within India.

According to a report by the Economic Times on Tuesday, 10 private sector banks, four public sector banks, and a foreign bank have forged the Indian Banks’ Blockchain Infrastructure Company (IBBIC). Source Link