The National Payments Corporation of India (NPCI), an umbrella organization for the operation of retail payment and settlement systems in India, funded by the country's Reserve Bank of India, has plans to roll out the blockchain Technology Revealed to Promote Digital Transactions.
The NPCI has issued an expression of interest (EoI).
NPCI has announced that it plans to develop an open-source technology blockchain solution, described in a recent report.
The report revealed that the Umbrella Organization, founded in 2008, has published an Interest Statement (EoI) designed to draw the attention of professionals to the Blockchain solution for the payment room.
It is important to note that NPCI is a nonprofit organization fully supported by the Reserve Bank of India (RBI) and the Indian Banks Association. The organization is supported by at least 10 banks, including (the Indian Federal Bank, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and the HSBC). As of 2016, the organization will also have 56 banks as shareholders.
Hate Kryptos but love Blockchain?
With its deep roots in the country's banking sector and its continued ban on the use of the cryptocurrency by the country's central bank, the NPCI's use of blockchain technology can only mean that RBI hates cryptocurrency rather than blockchain technology.
It is not the first time that the central bank loves blockchain technology. Recently, the bank announced that it is exploring how it can implement a "rupee-backed central bank digital currency in its monetary policy to reduce its hefty annual cash-for-cash" bill.
The introduction of blockchain technology in the country was not limited to the financial sector. Last year, the National Institution for the Reconstruction of India (NITI Aayog), a think tank of the government, announced that it is working with a DLT solution to help tackle the Indian problem of counterfeit drug trafficking.
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Post source: The National Payments Corporation of India (NPCI) plans to integrate DLT into its system
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