The National Payments Corporation of India (NPCI), a banking consortium-owned retail payment and settlement organization, is planning to use blockchain technology to facilitate digital transactions.
According to a report on Business Today, NPCI said it plans to develop a "flexible, real-time and highly scalable" blockchain solution using blockchain open source technology. The organization has issued an EOI calling on entities to bid for a blockchain solution for payment space.
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NPCI is a non-profit organization supported by the Central Bank of India, the Reserve Bank of India (RBI) and the Bank of India Association. Launched by 10 banks including the National Bank of India (SBI), ICICI Bank and HSBC, as of 2016, there were 56 banks as shareholders.
Although India's status as a public cryptocurrency is currently a grey area, the Bank of India has said it is studying how to introduce a rupee-backed central bank digital currency into its monetary policy to reduce its large annual cash casting costs.
The country is also enthusiastic about blockchain technology. Last year, the National Transformation Agency of India (known as Niti Aayog), a government think tank, is working on a blockchain solution designed to combat India's booming counterfeit drug trade.
In addition, the Union Cabinet of India, headed by senior government officials and headed by Prime Minister Narendra Modi, said it would allow the Exim Bank to cooperate with banks of the BRIC Economic Group to develop blocks. Chain technology research (madman coin)