Kotak Mahindra is the Major Private Bank in India. The latest Financial Institution to be Join RippleNet, Ripple’s Enterprise Blockchain Network to enable inward Remittances.
In announcement a Kotak Mahindra Bank revealed it that they use San Francisco Based Ripple Blockchain Technology to Power inward International Remittances in India. The World’s Largest Remittance Receiver they were.
Specifically Kotak Mahindra Bank will use Ripple’s Enterprise Blockchain Software and xCurrent to be enable end-to-end Tracking of Instant Payment and Settlements over RippleNet, The company Enterprise Blockchain Network.
More than 1,300 Branches of Kotak Mahindra Bank is among India’s Largest Private Banks and joins fellow Private lenders of Axis Bank and IndusInd Bank as a Members of RippleNet. The network Comprising of more than 100 Financial Institutions including Banks, Remittance Operators, Payment Providers and even the Central Bank.
Recognizing the India as Priority Market more than $70 Billion in inwards Remittances in 2017 and Ripple Expanded into Country by opening an Office in Mumbai as the country’s Financial Capital.
Credit to CCN