The State Bank of India (SBI) partnered with a Blockchain company to manage Know Your Customer (KYC) protocols.
Why is it important
Mainly because of the India’s dubious attitude to crypto innovations. Just a few days ago director of the Reserve Bank of India (RBI) said that digital currencies won’t be allowed for any payments and settlements in the country.
So what does SBI need blockchain for?
To cut costs and improve customer service. In fact, SBI plans to partner with other banks to improve banking services with blockchain.
What can we learn from it
- No country is going away from the new reality of financial services – even if they don’t accept bitcoins, they adopt blockchain.
- Banks in India one by one start using blockchain for overseas transactions, international remittances, etc.
- And, most importantly, we didn’t hear the word “ban” from India so far.