Senior Group President and Global Head Transaction Banking Group and Chief Experience Officer
YES Bank , an India-based private sector bank, announced that it will be issuing Commercial Paper (CP) worth INR 100 Crores using Blockchain technology for Vedanta Limited, a natural resources conglomerate. This issuance of CP using Blockchain technology is reported to be first issuance in Asia.
Speaking on the issuance of CP Asit Oberoi, Senior Group President and Global Head Transaction Banking Group and Chief Experience Officer, YES BANK, commented,” YES BANK is proud to implement Asia’s first Commercial Paper issuance over Blockchain technology for the Vedanta Limited. This solution is a yet another milestone in YES BANK’s endeavor to remain ahead of the innovation curve & enhance end client experience. Apart from reducing operational risk and costs, this technology solution lays the foundation for a more transparent and efficient process to cater to India’s growing Commercial Paper market”.
GR Arun Kumar, Group CFO, Vedanta Group, said , “Vedanta will benefit from the digitized and simplified workflow which shortens the laborious process running into hours to just few minutes and complete transparency that this platform offers to all stakeholders.”
The digital solution ensures an efficient, transparent and secure mechanism for CP issuance and redemption. This transaction was completed in partnership with MonetaGo, a provider of private permissioned blockchain solutions. MonetaGo has built the blockchain solution in collaboration with Corda Enterprise, an enterprise Blockchain software firm.
The digital solution ensures an efficient, transparent and secure mechanism for CP issuance and redemption. As part of the business solutions, the stakeholders in the CP issuance and redemption can benefit from this in the form of Reduced Turnaround Time (TAT), reduction in operational risk and this solution also facilitates a common network for all participants in the CP issuance and redemption process.