Yes Bank for the first time in Asia has facilitated the issuance of a commercial paper (CP) of Rs 100 crore using blockchain technology. The CP was issued for Vedanta. The bank said the issuance was done digitally, using R3 Corda enterprise blockchain platform developed by US-based MonetaGo. The blockchain platform, thus, ensures an efficient, transparent and secure mechanism for CP issuance and redemption. It sai among the benefits the stakeholder will have are reduction in TAT for issuance and redemption, immutable digital records of the entire transaction documents thereby reducing operational risk, real-time visibility of the CP issuance and redemption and common network for all participants in the CP issuance and redemption process. Asit Oberoi, senior group president and global head, Transaction Banking Group and chief experience officer at the bank, said this solution is a yet another milestone in Yes Bank’s endeavor to remain ahead of the innovation curve and 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 CP market, he added.
