There are no plans to establish a common blockchain platform for banks: FM

Finance Minister Nirmala Sitharaman stated in a written reply to the Rajya Sabha on December 13 that the union government has no plans to create guidelines or a common blockchain technology platform for Indian banks.

According to Sitharaman, who cited data from the Indian Banks Association, only a few banks are currently using blockchain technology, and only on a small scale. The RBI is advising banks on developing blockchain-based applications through its Regulatory Sandbox initiative, according to the minister. She recently stated that Web3.0 utilities like blockchain have the potential to change the way financial data is handled.