Cabinet approves MoU on blockchain by Exim Bank

The Cabinet approved an agreement on collaborative research on distributed ledger and blockchain in context of the development of digital economy by Exim Bank with the participating member banks under BRICS Interbank Cooperation Mechanism. The ex-post facto approval for the Memorandum of Understanding (MoU) was given by the Cabinet chaired Prime Minister Narendra Modi. Distributed Ledger/Blockchain technology holds potential for solutions to various challenges being faced in the financial sector space of the BRICS nations. The MoU intends to enhance understanding of Distributed Ledger/Block Chain technology, through the joint research efforts to identify areas within respective business operations where it may have the potential for applications aimed at enhancing the operational efficiencies.