Four private banks pick up stakes in newly formed fintech firm IBBIC

Kotak Mahindra Bank (KMB), Axis Bank, HDFC bank and ICICI Bank have bought stakes in newly incorporated fintech firm IBBIC Pvt Ltd. ICICI Bank has picked up 5.44% while KMB, HDFC Bank and Axis Bank have each picked up 5.55% each. IBBIC is a financial technology company that aims to provide a platform for exploring, building and implementing distributed ledger technology (DLT) solutions for the Indian financial services sector. Set up by 18 banks in India, the new company will use blockchain technology for processing inland letters of credit. The other banks that are investing in IBBIC are RBL Bank, IndusInd Bank, Yes Bank, South Indian Bank, Federal Bank, IDFC First Bank, SBI, Bank of Baroda, Indian Bank, Canara Bank, IDBI Bank, Punjab National Bank, Union Bank of India and Standard Chartered.