India’s National Payments Corporation seeks to develop Blockchain Solution to enhance payments

The National Payments Corporation of India (NPCI) — a banking consortium-owned umbrella company for retail payments and settlements — is now likely to utilize blockchain technologies to boost electronic trades.

The NPCI will center on creating blockchain technology in the payment domain for fostering digital trades, the article says. Additionally, it states:

“NPCI intends to develop a resilient, real time and highly scalable blockchain solution. It is proposed to develop this solution using an open source technology/ framework/solution.”

The NPCI is a nonprofit firm supported by India's central bank, the Reserve Bank of India (RBI) and the Indian Banks' Association. It's encouraged by 10 banks, such as the State Bank of India (SBI), ICICI Bank and HSBC, also contains 56 banks as investors as of 2016.

While the standing of people cryptocurrencies in India is presently a grey area, the central bank has signaled it's exploring how to present a rupee-backed central bank electronic money into its financial policy in an attempt to lessen its hefty yearly invoice for minting physical money.

The country is also enthused about blockchain technology. This past year, the National Institution for Transforming India (known as NITI Aayog), a government think-tank, was functioning on a blockchain solution aimed to fight the nation's roaring counterfeit drugs commerce.

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Further, India's Union Cabinet — an executive decision composed of senior administration officials and headed by Prime Minister Narendra Modi — stated it might make it possible for the state's Export-Import Bank (Exim Bank) to conduct research on blockchain engineering in partnership with all banks at the BRICS economic bloc.

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