India's YES bank has completed a successful issuance of corporate debt using blockchain built by Monetago on R3’s Corda.
The 1 billion rupees (USD 14.5 million) transaction was carried out on behalf of Indian conglomerate Vedanta and used distributed ledger technology to share documentation electronically among all parties involved, cutting out hours of laborious paper-work.
Currently, the highly manual issuance of commercial paper in India requires around one million emails and calls, and 300,000 couriers every year.
Asit Oberoi, senior group president and global head transaction banking group, YES Bank, say: "Apart from reducing operational risk and costs, this technology lays the foundation for a more transparent and time-effective solution for the future of India’s Commercial Paper market.”
Further transactions will follow in the coming months he adds.
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