Six banks, including State Bank of India SBI, have bought stake in fintech platform IBBIC. Apart from SBI the other banks are Axis Bank, Indian Bank, Yes Bank, IDBI Bank and ICICI Bank. In these, SBI, Axis Bank, Indian Bank, Yes Bank and IDBI Bank have bought 5.55- 5.55 percent stake. This stake is equivalent to 50,000-50,000 shares. 5-5 lakh has been paid for this. Apart from these banks, ICICI Bank has bought 5.44 per cent stake for Rs 4.9 lakh. Established in May this year, the IBBIC platform provides Distributed Ledger Technology (DLT) solutions to the Indian financial services sector. ADLT is commonly known as blockchain technology. It is a system of secure functioning of decentralized digital database. It keeps information securely using cryptography. Incorporated in May this year, IBBIC platform offers distributed ledger technology (DLT) solutions to the Indian financial services sector. The equity ownership of IBBIC is aimed at providing DLT solutions for the financial services sector, the banks said.
SBI, Axis Bank, Indian Bank, Yes Bank and IDBI Bank picked up 5.55 per cent stake each, representing 50,000 shares in IBBIC, for cash at Rs 5 lakh each.
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