Incorporation of Block-chain Technology by Government Banks – Rajya Sabha Q&A
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF FINANCIAL SERVICES
RAJYA SABHA
UNSTARRED QUESTION NO. 196
TO BE ANSWERED ON 30TH NOVEMBER, 2021 (TUESDAY)/ /AGRAHAYANA 9, 1943 (SAKA)
INCORPORATION OF BLOCK-CHAIN TECHNOLOGY BY GOVERNMENT BANKS
201. DR. K. KESHAVA RAO:
Will the Minister of Finance be pleased to state:
(a) whether Government banks have taken steps to incorporate block-chain technology that is more cost-efficient, secure and transparent;
(b) if so, the details thereof; and
(c) if not, the reasons therefor?
ANSWER
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE
(DR. BHAGWAT KARAD)
(a), (b) and (c): Reserve Bank of India (RBI) has informed that it has been pro-active in providing guidance for development of block-chain-based application through its new regulatory sandbox environment. State Bank of India (SBI) and Canara Bank are part of a company called Indian Banks’ Block-chain Infrastructure Company Private Limited (IBBIC) for using Block-chain technology for providing various financial services. SBI has informed that as a part of IBBIC development, it has initiated steps to incorporate Block-chain technology in trade related transactions. Further, SBI has been on boarded on a block-chain enabled platform, for exchanging payment related compliance queries.
Canara Bank has informed that it had formed a small technology innovation team, which is working on identifying the potential use cases best suited to banking operations.