Today YES BANK, India’s fourth largest private sector bank, announced that it used blockchain for a commercial paper issuance. It acted as issuing and paying agent for the Rupees 1 billion ($14.6 million) issuance for Vedanta, a natural resource conglomerate.
The solution was developed by New York-based MonetaGo using R3’s Corda technology. Monetago has a track record in the Indian market. It previously launched a system using Hyperledger Fabric to help detect fraud in trade finance. SWIFT India adopted the platform.
“Vedanta will benefit from the digitized and simplified workflow which shortens the laborious process running into hours to just few minutes and complete transparency that this platform offers to all stakeholders,” said GR Arun Kumar, Group CFO, Vedanta Group.