Federal Bank Partners Ripple in India to Accelerate Cross-Border Remittances

A major private commercial bank of India, Federal Bank announces on March 28th that it had partnered with Ripple for cross border remittance through its network.

Federal Bank issues a notice to the Bombay Stock Exchange (“BSE”) regarding this partnership. This was Intimation under Regulation 30 pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The notice reads “This is to inform Federal Bank has entered into a partnership with Ripple Inc, a blockchain supported global remittance company, for cross border remittance through its network. Powered by blockchain-enabled solution, the Ripple platform ensures cross-border transactions much safer and secured.”

Further in the notice it also said that this partnership will help “will help Federal Bank to explore new corridors where Ripple is aggressively pursuing new partnerships.”

Mr. Shyam Srinivasan, Federal Bank MD & CEO and Mr. John Mitchell, Senior Vice President Ripple Inc, signed the agreements for the partnership.

Federal Bank is also the winner of the best use of blockchain technology at “Drivers of Digital Summit and Awards 2018”, a prestigious award recognizing Digital innovation in various industries and sectors.

Last year RBI restricted the banking institutions of India to stop dealing with the crypto exchanges. Coindelta which is major cryptocurrency exchange in India also issued a notice on 30th March 2019 that it will no longer be providing exchange services for cryptocurrencies.

The final hearing regarding the stand of Government on cryptocurrency is still pending in the Supreme Court of India. Till that there is uncertainty that India will ban crypto or will come up with regulation.