Established in 1996 by the Reserve Bank of India (RBI), IDRBT conducts research and experiments in the banking sector. Reportedly, the organization is working with the Indian government, banks and industry players to build an interoperable blockchain platform.
R Gandhi, the Former RBI Deputy Governor stated that banking and financial sector are vulnerable to more cybersecurity risks due to the “increased use of rapidly evolving, sophisticated, and complex technologies… increased use of mobile technologies by customers, including the rapid growth of the Internet of Things (IoT) and the heightened cross-border information security threats.”
Indian love-hate relationship with the technology
When it seems, the government is warming up, Indian police in the state of Jammu and Kashmir issued a warning related to cryptocurrency investments, pointing that they are not regulated by the government. Moreover, reports have also surfaced that several Indian banks including Kotak Mahindra Bank, India’s second largest private sector bank by market cap, reportedly imposed crypto restrictions.
Read more: India Has The Potential To Be A Leader In The Blockchain Revolution, Says Canadian Expert Bob Tapscott