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India's YES Bank wants to lure more clients for its next planned blockchain model

Image Credit: Bloomberg

Wed, 16 Oct 2019, 06:54 am UTC

Private banking firm YES Bank plans to attract more clients for the next version of its blockchain model, according to a report by the Hindu Business Line.

The India-based bank, which has been “very active” of its API banking platform and blockchain initiatives as part of its transaction banking services, plans to onboard credit agencies and the National Securities Depository Limited (NSDL).

Describing blockchain as the technology of the future, Asit Oberio, Senior Group President and Global Head, Transaction Banking Group, and Chief Experience Officer of YES said “We have been very active on blockchain... Blockchain will happen when all participants agree to be on it.”

He further added that the bank has the largest commercial API, and they plan to enhance it further. Specifically, YES Bank Managing Director and CEO Ravneet Gil said it aims to focus on the retail, wholesale, and transaction banking. Currently, the bank has over 1,000 API banking clients, including Snapdeal and Ola.

Last July, the bank used blockchain technology to conduct the first digital issuance of commercial paper issuance. It served as the issuing and paying agent and facilitated the issuance of commercial paper of ₹100 crore (~$13.9 million) for Vedanta Limited.

Using R3’s Corda Enterprise technology to facilitate the process, the amount of time it took for the transaction to finish was drastically reduced. This is proof of what blockchain can do for cumbersome and laborious processes.

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