Home » HDFC Bank, ICICI and Axis pick...

HDFC Bank, ICICI and Axis pick up stake in blockchain start-up

Sumit Arora Published On July 31st, 2021 Leave a comment

Three of India’s biggest private lenders – ICICI Bank, HDFC Bank and Axis Bank have taken stakes in the blockchain financial technology firm IBBIC Pvt Ltd. HDFC Bank and Axis Bank invested ₹5 lakh each for the shares. ICICI Bank also said it has subscribed to 49,000 fully paid-up equity shares of face value ₹10 each of IBBIC constituting 5.44 per cent of the issued and paid-up share capital. It paid ₹4.9 lakh for the shares.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

About the IBBIC:

IBBIC was incorporated on May 25 this year as a financial technology company with the objective of providing a platform for exploring, building, and implementing distributed ledger technology (DLT) solutions for the Indian financial services sector. About 15 banks have come together to set up IBBIC, with an aim to expand the use of blockchain applications in financial sector transactions.

Find More Business News Here

About the Author

Sumit Arora

Author

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.