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ICICI Bank, Kotak Mahindra Bank, Axis Bank and HDFC Bank are among the consortium of 11 big lenders to launch India’s first blockchain-linked funding for small and medium enterprises (SMEs). Best IAS coaching in Dehradun.


Yes Bank, Standard Chartered Bank, Ratnakar Bank Limited (RBL) Bank and South Indian Bank are currently part of the consortium.Outside members: IndusInd Bank, State Bank of India and Bank of Baroda are now participating in the meetings as outside members. Best IAS coaching in Dehradun.

Objective: The core objective of having such a ledger network is to ensure transparency in credit disbursement, especially in the underbanked section. In the first phase, the banks will set up a live network for supply-chain vendors from across the country to register themselves and digitize their records.Latest central bank data showed that the outstanding credit of all commercial banks with the MSME sector as a percentage of the total outstanding corporate credit with banks is just 17.3 per cent. (PCS Coaching In Dehradun)


The Indian Government has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under:

The enterprises engaged in the manufacture or production, processing or preservation of goods as specified below:

Micro: A micro enterprise is an enterprise where investment in plant and machinery does not exceed Rs. 25 lakhs. Best IAS coaching in Dehradun.

Small: A small enterprise is an enterprise where the investment in plant and machinery is more than Rs. 25 lakhs but does not exceed Rs. 5 crores. (PCS Coaching In Dehradun)

Medium: A medium enterprise is an enterprise where the investment in plant and machinery is more than Rs.5 crores but does not exceed Rs.10 crores.


Improved lending system: This initiative is expected to transform the face of lending to default-prone tiny firms. Best IAS coaching in Dehradun.

Removing communication hurdle: The setup of such an organization will remove any communication hurdle among the different banks. Moreover, this system will also remove the information hierarchy between large corporates and SME lenders in terms of availing credit from banks. (PCS Coaching In Dehradun)

Easy access: The network will provide lenders much-needed access to the public credit data, helping them make their lending more judicious and less risk-based.

Future: As per a recent World Economic Forum (WEF) report, by 2025 10 percent of GDP will be stored on blockchains or blockchain-related technology.


The blockchain is an incorruptible digital ledger of transactions of economic nature that can be programmed to record not just financial transactions but virtually everything of value. In simple terms, it is a system in which a record of transactions made in bitcoin or any another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.This technology offers a way for untrusted parties to reach an agreement (consensus) on a common digital history.A common digital history is significant because transactions and digital assets can easily be faked and/or duplicated. This problem is solved by Blockchain technology without using a trusted intermediary. Best IAS coaching in Dehradun.


Blockchain keeps a record of all data exchanges as a “ledger”, and each data exchange is a “transaction“ and then every verified transaction is added to the ledger as a “block”.This technology utilizes a distributed system to verify each transaction.Once the transaction is signed and verified, the new transaction is added to the blockchain and cannot be altered. (PCS Coaching In Dehradun)


Blockchain technology first major application was bitcoin which was released in 2009.Bitcoin is a cryptocurrency (a digital coin that runs on a blockchain) while the blockchain is the technology that underpins it.The bitcoin blockchain is “decentralized,” which means that it is not controlled by any one central authority.The blockchain behind bitcoin is a public ledger which records every transaction that has ever taken place. It cannot be tampered with or changed retrospectively and it makes Bitcoin transactions secure and safer than current systems. Best IAS coaching in Dehradun.


High-paying jobs:

Today, blockchain is the fastest-growing skill set demanded jobs, with job growth rates at 2,000-6,000 per cent and salaries for blockchain developers 50-100 per cent higher than regular developer jobs.Due to the decentralized nature of projects with distributed teams, it can be translated into lakhs of high-paying jobs from all over the world is available to Indian developers. (PCS Coaching In Dehradun)

Global capital inflows:

With its strong Information Technology ecosystem, India can become a leading blockchain development hub and a major net beneficiary of global capital inflows. Best IAS coaching in Dehradun.

Solving various problems:

Blockchain can also solve myriad Indian problems, such as eliminating middlemen, providing data security, reducing corruption and tampering of financial ledgers, and improving the speed of service delivery by governments and corporations.


Incomplete knowledge: Unfortunately, in India, there is more focus on trading and speculation, looking at cryptocurrencies as an investment tool, rather than understanding the actual potential of core blockchain technology as an incentive mechanism to secure decentralized transactions. Best IAS coaching in Dehradun.

No regulation: There is insufficient regulation on blockchain in the country. The blockchain sector is especially sensitive to regulation. Any regulatory action on cryptocurrencies inadvertently shuts down core development as well. There are sufficient global examples of countries that have taken nuanced and cautious steps in regulating the technology, and are focusing on stopping illegal activity without hurting innovation in the sector. (PCS Coaching In Dehradun)

Lack of serious blockchain professionals: In the current regulatory environment, Indian developers do not have the ability to develop open blockchain solutions at scale.

Migration: Serious blockchain professionals are migrating rapidly to countries with more friendly regulations. As a result, India’s ability to benefit from jobs, capital inflows, innovation and positioning is all curtailed without the talent ecosystem in place.


India is a land of budding entrepreneurs and startups that are getting encouragement from recent initiatives such as “Make in India” and “Digital India”. In recent years, the country has renewed its commitment to innovation, particularly tech innovation, treating it as a matter of national interest. Various initiatives that aim to transform the knowledge economy, and Startup India and to foster entrepreneurship and innovation, together with a variety of incentives have boosted morale in the tech and business community. Such initiatives and confidence in blockchain technology promise to pave the way for an India-wide rollout and them into the mainstream. Best IAS coaching in Dehradun.

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