New Delhi: Six Bank – Bank State of India, Axis Bank, Bank India, Bank YES, Bank IDBI, and Bank ICICI – on Tuesday said they had purchased equity shares on the IBBIC financial technology platform.
SBI, bank axis, Bank India, yes Bank and Bank IDBI took 5.55 percent of their shares, representing 50,000 shares in IBBIC, for each RS 5 Lakh.
In submission of separate regulations on Tuesday, this lender said they had subscribed to 50,000 equity shares from the nominal value of Rs 10 each full paid from IBBIC Private Ltd for consideration of Rs 10 per share of equity published and the issued capital of IBBIC.
Equity is obtained for cash considerations of RS 5 lakh by each of them.
Apart from this lender, ICICI Bank bought 49,000 shares (5.44 percent) for Rs 4.9 lakh.
Intended in May this year, the IBBIC platform offers a distributed Ledger Technology (DLT) solution for the Indian financial services sector.
Equity ownership of IBBIC is intended to provide DLT solutions for the financial services sector, said Bank.
DLT, better known as Blockchain technology, is a protocol to allow the safe function of the decentralized digital database.
It stores information safely using cryptography.