The 'fintech' space in India has seen a dramatic boom in
terms of technological developments over the past few years. Add to
that the government's continuous push to embrace a digital
economy post the demonetization measures in November 2016.
India's central bank, The Reserve Bank of India
("RBI") has also been in the forefront, almost keeping
pace with the technological advancements in the fintech space, by
considering various fintech developments that are taking place in
India as well as globally.
Earlier this year, the RBI successfully tested Blockchain
Technology ("BCT") for a trade application in
collaboration with a technology partner in what is reported to be
the first ever end-to-end test of BCT using existing banking
protocols, including regulators, banks, financial institutions and
clearing houses at a global level1. Around the same
time, a white paper on the application and adoption of BCT by banks
and financial institutions was released. The white paper
