BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which among the following bank has announced its partnership with Ripple (the enterprise blockchain solution for Global Payments) to facilitate payments into and out of India?

A	State Bank of India
B	IndusInd Bank
C	Kotak Mahindra Bank
D	South Indian Bank

Explanation:

Detailed explanation-1: -Travelex Bank-the first in the country to operate exclusively in foreign exchange-has partnered with Ripple to improve cross-border flows for their customers using Ripple’s On-Demand Liquidity solution (ODL).

Detailed explanation-2: -XRP in the Digital Economy In short, it’s a cryptocurrency that helps financial institutions provide a better payment experience. And you’ve probably heard of a few of its customers, which include Kotak Mahindra Bank and IndusInd from India.

Detailed explanation-3: -RippleNet is a blockchain geared toward banking institutions that can be used to settle transactions like remittance payments, in addition to exchanging currencies. Ripple’s partners include big banks like Bank of America, Member FDIC, and over 55 countries have signed on to use it.

Detailed explanation-4: -HSBC. The bank is using the R3 blockchain platform for enabling Digital Vault – a custody blockchain platform for storing digital assets. The technology helps with lowering the cost of their custodial service to a huge extent.

There is 1 question to complete.