Media reports said Indian Banks are considering using blockchain technology for payments

India’s national payments corporation (NPCI) is considering adopting blockchain technology to enhance its digital transaction capabilities, according to cointelegraph.

The initiative by the Indian banking association aims to improve NPCI by deploying distributed ledger technology. NPCI operates a retail payment and settlement system in India, with 56 state Banks among its stakeholders. The group was established under the guidance and support of the reserve bank of India and the international bar association.