Axis Bank issues first LC on dedicated govt backed platform

Pivot Bank gave industry’s first letter of credit (LC) on the Secured Logistics Document Exchange (SLDE), an administration supported blockchain-enabled platform, in what could be a sign that the controller and the government are embracing a positive position on blockchain technology however they are averse to cryptocurrency.

The deal included ArcelorMittal Nippon and the bank’s customer Lalit Pipes and Pipes Limited (LPPL).

The bank delivered a LC for LPPL, which required such a non-fund based credit line for a deal with ArcelorMittal Nippon Steel, India (AM/NS). The whole arrangement was executed carefully on the stage.

In July last year, the business service sent off such an digital platform, which was fundamentally pointed toward supplanting the manual course of age, trade and consistence of planned operations reports with a digitized and secure document exchange system.

“Our bank is meaning to help our customers digitize their whole store network,” said Vivek Gupta, head-wholesale banking product at Axis Bank. “We just started the cycle with SLDE. This assists our customers not exclusively to limit risk elements with a foolproof blockchain framework, yet in addition it streamlines working capital.”