RATE Group | India’s Payments Platform Vajra Gets the Blockchain Ball Rolling
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India’s Payments Platform Vajra Gets the Blockchain Ball Rolling

27 Dec India’s Payments Platform Vajra Gets the Blockchain Ball Rolling

Posted at 11:32h in Cryptocurrency News by

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While the Indian government is uncertain about the use of cryptocurrency, the National Payment Corporation of India, or NPCI, officially announced its permissioned blockchain-based platform, Varja, to make the payment process easier, faster and more transparent. 

After detailed research, the NPCI has developed a distributed ledger technology mechanism to provide a highly secure, tamper-proof database for various payment procedures. 

The NPCI is an umbrella organization for retail payments and settlement systems in India. It is an initiative of the Reserve Bank of India and Indian Banks’ Association under the provisions of the Payment and Settlement Systems Act 2007, aimed at creating a robust payments infrastructure in India. 

Related: Cryptocurrency Regulation: An Indian Perspective

The NPCI aims to become “the best payment network globally.” Currently, 56 banks are shareholders of the NPCI, which is supported by 10 banks: State Bank of India, Punjab National Bank, Canara…

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