The State Bank of India (SBI), the country's largest nationalized bank, has entered into a partnership with JPMorgan to use the US bank’s blockchain payment network called Liink to speed up transactions, The Economic Times has learned.
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With the JPMorgan's network, SBI plans to reduce transactional fees and time. According to sources, familiar with the matter, the blockchain technology can reduce operation time down to a few hours from up to a fortnight.
"We have undergone significant digital transformation in recent years and continue to add new technologies to create real value to daily operations," said Venkat Nageswar, Deputy Managing Director at the State Bank of India.
According to JPMorgan, Liink allows banks and corporate clients to make peer-to-peer data transfers with greater speed and control. Previously in February, the US bank issued a new report in which admitted that the blockchain technology had become the foundation for digital currency and fast payments.
The Indian government, meanwhile, is about to ban all cryptocurrencies in the country. According to local news outlets, a senior official from the country's Ministry of Finance had confirmed the authorities' plans.
However, the measure will not start to be implemented overnight, but rather the government will give a transition period of three to six months so that investors who have invested in this type of assets have enough time to liquidate their existing positions.
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