Last month, 15 Indian banks incorporated a blockchain trade finance consortium, the Indian Banks’ Blockchain Infrastructure Co (IBBIC), to initially target domestic Letters of Credit. According to multiple reports in the Indian press yesterday, three additional banks have joined, IDBI Bank, Punjab National Bank, and the Union Bank of India.
What triggered the news report were corporate filings by several of the banks. The June announcement said that each bank would invest 50 million rupees ($670,000) in the Letter of Credit solution, giving a total funding of $12 million.
The filings from Axis Bank, Indian Bank, IDBI Bank, State Bank of India, and Yes Bank were consistent with this report, with each bank taking a 5.55% stake. But ICICI Bank, for some reason, invested slightly less, 49 million rupees, for a 5.54% stake.
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