Bank India Ready to Adopt Ripple for Cross-border Payments

Despite the fact that India is one of the countries that prohibits the circulation of Bitcoin and other crypto currencies, Ripple Labs, which is the developer of Altcoin XRP, is projected to be a cross-border payment solution chosen by the State Bank of India (SBI).

Reporting from FXStreet, SBI is ready to facilitate instant cross-border payment solutions with Ripple. The bank is one of the largest banks in India and has an employee base of nearly 300,000 people. According to 2017 data, SBI has an asset market share of 23 percent and controls a quarter of the total market for loans and deposits in India. Not only that, SBI won no. 216 on the list of the 500 largest companies in the world by Fortune Global.

Support for Ripple does not only appear from SBI. Kotak Mahindra, a private bank headquartered in Mumbai, reportedly will add 1,300 branches to the Ripple network.

Looking at these developments, Ripple Labs CEO Brad Garlinghouse said:

"By increasing money transfer services to and from India, the costs that need to be spent will be reduced. So that more money can be used by families in need (sending the funds)."

Ripple Development in India

In July 2017, the Ripple team revealed a strategic plan to popularize XRP, and made it a reliable Altcoin in the Indian financial sector. Ripple's Product Vice President, Asheesh Birla, has repeatedly emphasized that Ripple will utilize abundant human resources, a dynamic cellular banking industry, and a fast-growing economy. This condition greatly helped Ripple win 50 percent of the country's financial market.

Considering that the Indian Central Bank and state regulators are still considering regulating crypto money and banning developing digital asset classes, Altcoin Ripple's attempt to dominate the region with strict regulations is worthy of appreciation.

https://www.seputarforex.com/bank-india-siap-adopsi-ripple-untuk-pembayaran-lintas-batas-284809-15