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Exploration of blockchain in India. Indian commercial organizations started to research blockchain in order to use it for identification of customers. The National Stock Exchange of India (NSE), HDFC Securities, a Mumbai-based brokerage, along with a number of Indian banks – ICICI Bank, IDFC Bank, Kotak Mahindra Bank, IndusInd Bank and RBL Bank are actively participating in the project. Sahil Kathpal, founder of Elemential, said that in the first phase of the test, the NSE took charge of uploading mock customer information into the system, and then banks used blockchain to query this information, resulting in an audit trail that is easily available to regulators. The next stage is expected to see the use of real customer data, which is an important milestone prior to any kind of real-world use.
The fintech aedvisory committee in India. The Securities Exchange Board of India, SEBI, is setting up an advisory committee for financial technology. The project is aimed to make it easier for citizens to turn their savings into investments. Uperda Kumar Sinha, SEBI’s chairman, revealed that the committee will explore ways to bring household savings into the financial market via technology. According to Sinha, the challenge is to turn the individual households into investments in the capital market.