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

Sumit Arora Last updated on July 31st, 2021 11:11 am 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.

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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.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.