Current Affairs - Banking - Discussion

IndusInd Bank has announced its partnership with Ripple, the blockchain solution provider to facilitate cross border remittances into and out of India. Through this tie-up, IndusInd Bank will leverage Ripple platform based on blockchain technology for global payments as it lowers both costs and transfer time for customers. IndusInd Bank will use the platform for settling payment of its retail remitters, recipients as well as institutional partners across the world. In context of this news, it is important to note that for 2017, inward remittances in India stood at $65 billion.