Yes Bank in Asia Issue Commercial Paper Using Blockchain

Recently, banking firm Yes bank issued a Commercial Paper (CP) of about INR 100 crores while using the Blockchain technology for a firm Vedanta Limited. Thus becoming the first bank in Asia to digitally issue a CP using the Blockchain technology.

The transaction was completed by a leading financial technology provider MonetaGo, based in New York.

This digital solution was taken into consideration as it ensures an efficient, transparent and secure mechanism of CP issuance and redemption.

The benefits of redemption systems were Reduction in (TAT)for redemption. Immutable digital records of all transactions thus reducing the operational risks. Providing real-time visibility of redemption. Providing a Common network for all the participants.

To this Vinod Bahety, Head of Infrastructure Banking and Corporate Banking appraised there a partnership with Vedanta and said,

“This first of its kind transaction reaffirms YES BANK’s strong commitment to bringing customised financial solutions through innovative practices and knowledge banking approach to the infrastructure sector”

To this Vedanta’s CF0 Arun Kumar said, ” The firm will have huge benefits from digitised and simple workflow as this will reduce the operational work. Thus reducing processing hours to just a few minutes, thus providing complete transparency to the stakeholders.

To this CEO of MonetaGo Jessa Chenard showed her gratitude over the Indian Banking Community named this a big milestone for there company for working on such technology.

They confirmed that they will continue to work with Vedanta and several other similar firms in the market.