What Indian Banks should Learn From Cryptocurrency and BlockChain Technology

 

Crypto lover in India got disappointed a lot when RBI and Indian banks withdraw their support from crypto exchange. The way people invested in crypto market in India Indian banks treated it as their revenue loss. The way RBI and Indian banks did it is a dictatorship over hard earned money of people. In simple financial term banks are custodian, they can keep our money , can't claim their ownership on our money.
As an Indian it disappointed me lot that banks looks Blockchain technology as their competitor especially Indian government undertaking banks. Some the private sector banks support Blockchain technology and.also use it, mainly Axis bank which use ripple and ICICI bank which uses Stellar Lumens for cross border payment.
RBI and Indian goverment should learn from other banks who have adopted Crypto like Ripple for faster cross border payment.


I have listed down all the known and active partnerships down below:

  • Accenture
  • Akbank
  • ATB Financial
  • Axis Bank
  • Banco Bilbao Vizcaya Argentaria (BBVA)
  • BMO Financial Group
  • Cambridge Global Payments
  • Canadian Imperial Bank of Commerce (CIBC)
  • CBW Bank
  • CGI Group
  • Cross River Bank
  • Davis + Henderson (D+H)
  • Deloitte
  • Earthport
  • Expertus
  • eZforex
  • Fidor Bank
  • Mitsubishi UFJ Financial Group (MUFG)
  • Mizuho Financial Group (MHFG)
  • National Australia Bank (NAB)
  • National Bank of Abu Dhabi (NBAD)
  • ReiseBank
  • Royal Bank of Canada (RBC)
  • Santander
  • SBI Holdings
  • SBI Remit
  • Shanghai Huarui Bank (SHRB)
  • Siam Commercial Bank (SCB)
  • Skandinaviska Enskilda Banken AB (SEB)
  • Standard Chartered
  • Star One
  • Credit Union
  • Tas Group
  • Temenos Group
  • UBS
  • UniCredit Group
  • Volante Technologies
  • Westpac Banking Corp
  • Yantra Financial Technologies
  • Yes Bank

The banks and companies listed down below are also experimenting with the RippleNet:

  • Aeon Bank
  • Aomori Bank
  • Ashikaga Bank
  • Australia and New Zealand Banking Group (ANZ)
  • Awa Bank
  • Bank of England
  • Bank of the Ryukyus
  • Bank of Yokohama
  • Chiba Bank
  • Chugoku Bank
  • Commonwealth Bank of Australia
  • Daiwa Next Bank
  • DBS Group Holdings
  • Fukui Bank
  • Gunma Bank
  • Hachijuni Bank
  • Hiroshima Bank
  • Hokuriku Bank
  • Hyakugo Bank
  • Iyo Bank
  • Juroku Bank
  • Keiyo Bank
  • Michinoku Bank
  • Mizuho Financial Group
  • Musashino Bank
  • Nishi-Nippon City Bank
  • North Pacific Bank
  • Oita Bank
  • Orix Bank Corporation
  • Resona Bank
  • Royal Bank of Scotland (RBS)
  • San-in Godo Bank
  • SAP
  • SBI Sumishin Net Bank
  • Senshu Ikeda Bank
  • Seven Bank
  • Shimizu Bank
  • Shinkin Central Bank
  • Shinsei Bank
  • Sikoku Bank
  • Sony Bank
  • Sumitomo Mitsui Trust Bank
  • Suruga Bank
  • The 77 Bank
  • The Daishi Bank
  • The Nomura Trust & Banking Co.
  • Tochigi Bank
  • Toho Bank
  • Tokyo Star Bank
  • Tsukuba Bank
  • Western Union
  • Yachiyo Bank
  • Yamagata Bank
  • Yamaguchi Bank

Technology makes life simple not complicated, but Indian banks and RBI treating as Revenue loss, Because people of India Invest huge amount in crypto. Bakns are custodian they can not show their right over people money, if they do that is a kind of dictatorship.
I hope soon or later Indian Banks and RBI will understand the advantages of Blockchain technology, How Blockchain Technology makes Financial system corruption free and save the cost of manufacturing the fiat currency.

Follow Me: @amar-patel  

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