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Indian Bank, Canara, Axis, South Indian Bank purchase equal stakes in fintech agency IBBIC

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New Delhi: Canara Bank, Axis Bank, Indian Bank and South Indian Bank on Friday mentioned they’ve acquired 6.67 per cent stake every in monetary expertise agency IBBIC.

IBBIC Private Limited is proposed to be included as a monetary expertise firm with an goal of offering a platform for exploring, constructing and implementing Distributed Ledger Technology (DLT) options for the Indian monetary providers sector, the banks mentioned in separate filings to exchanges.

The firm title is topic to approval of the Registrar of Companies, Mumbai, they added.

All these banks have acquired 6.67 per cent stake every (representing 50,000 fairness shares) in IBBIC for a money consideration of Rs 5 lakh.

The indicative time interval for completion of the acquisition is December-end, 2020.

Further, the lenders mentioned the corporate registration utility of IBBIC can be submitted to the Registrar of Companies, Mumbai by the tip of this month.

A distributed ledger or shared ledger expertise is a consensus of replicated, shared, and synchronised digital knowledge geographically unfold throughout a number of websites, international locations or establishments.

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