3/23/2017 YesBankupbeatonusingblockchain,toaddmoreprocesses:PTIfeed,NewsIndiaToday

India World Videos Photos Cricket Movies Auto Sports Lifestyle Tech Education Business Cosmopolitan

NEWS TV MAGAZINE Search

JOBS MAILTODAY MOVIES INDIA WORLD PHOTOS VIDEOS CRICKET TECH FYI AUTO LIFESTYLE
TRAVEL

News PTI feed

Yes Bank upbeat on using blockchain, to

add more processes
PTI
January 3, 2017| UPDATED17:40 IST A+ A-

Mumbai, Jan 3 (PTI) Mid-sized private lender Yes Bank today entered into a tie-up with Bajaj
Electricals for vendor nancing using blockchain solution, and announced to use the
technology more aggressively as it saves over 70 per cent in cost.

As part of the tie-up, the bank has completely digitalised its processes when it comes to
transactions with Bajaj Electricals and its vendors in such a way that blockchain solutions
can be implemented, an ofcial spokesperson said.

This will help in clearing short-term working capital loans to Bajajs vendors almost
instantaneously as against the present manual practices which take upwards of four days.
Advertisement:ReplayAd

"There is an over 70 per cent cost reduction because of blockchain and the payback for our Suggested Stories
investments is 6-8 months," the ofcial said.
.
Blckchain solutions is a distributed database that maintains a continuously-growing list of 20 photos of Suhana Khan to spice up your
ordered records called blocks. The spokesperson said it reduces turnaround times, is Friday, in case you had other plans
transparent and also ensures zero errors.

The bank will now look at deploying the same supply- chain nancing solutions with more Kamal Haasan reveals who was behind
clients and is also keen on leveraging the benets of blockchain solution to other areas like Vishwaroopam controversy, after 4 years
international payments and trade nance.

The bank is at a fairly advanced stage when it comes to international payments and is Actor Kasthuri accuses popular Telugu hero-
targeting to start processes within a month, while trade nance will take three months, the politician of casting couch
ofcial said. "Bockchain is the future and in the next 2- 3 years every bank will be using it in
multiple processes."
How PM Modi made Akhilesh Yadav and
This is the second time in the country that a bank has disclosed usage of blockchain Mulayam Singh 'patch up' | Watch Right Now
solutions, after largest private sector lender ICICI Banks October 2016 announcement of Videos | - India Today Video
using it for international trade nance and remittances.
byTaboola
For the tie-up, the bank was helped by ntech startup Cateina Technologies which
developed the "smart contract", and is using a cloud-based cognitive service from IBM.
Recommended
"I strongly believe that we are only at the tip of the iceberg, and see blockchain, coupled with
IBM?s cognitive solution on the cloud platform, making a signicant impact in the global 17 Photos Of Melania That Donald Trump Has
transaction banking space," Yes Bank Managing Director and Chief Executive Rana Kapoor Kept Secret
said. LifeDaily.com

The bank ofcial said there are signicant advantages for Bajaj Electricals as well. Dear Kapil Sharma, you should have
apologised to Sunil Grover, instead of playing
"This solution enables us to do timelyprocessing of the vendor payments without physical blame game with media
documents and manual intervention. It also enables us and our vendors to track the status
of the transactions real-time," said Bajaj Electricals Chairman and Managing Director How Fresh Is Fresh? Find Out The Military
Shekhar Bajaj. PTI AA BEN RSY SDM Precision Of Japans Seafood
CNN International for Taste of Japan

This is unedited, unformatted feed from the Press Trust of India wire. Yogi Adityanath's father has an advice for him:
Muslim women voted for you, respect all
religions

Best Tracking Device Ever is Selling Like Crazy
DO YOU TrackR Bravo
0 0
LIKE THIS STORY?

http://indiatoday.intoday.in/story/yesbankupbeatonusingblockchaintoaddmoreprocesses/1/848592.html 1/4
 3/23/2017 YesBankupbeatonusingblockchain,toaddmoreprocesses:PTIfeed,NewsIndiaToday

# Bajaj Electricals # Bajaj Electricals Chairman # trade nance # Director Shekhar Bajaj # Mid- New leak details Nokia 8 launch date, specs
sized private lender # international payments # blockchain solution # blockchain solutions # and price
short-term working capital # present manual practices

Pit babes : the most beautiful models around

the world
The Digital NewsRoom
WHAT IS YOUR REACTION? powered by

0% 0% 0% 0% 0% 0% Men can eat their wives if severely hungry,

says top Saudi Sheikh's fatwa

HAPPY UNMOVED AMUSED EXCITED ANGRY SAD

Celebs Whose Private Jets Are Too Bizarre To
Believe
Giveyourrating:
ZestVIP
Leaveacomment Latest
Do you know why passports come in these
Postyouropinion...
ME four colours only?

PromotedLinks byTaboola
ffer 28GB Apple iPhone 6 at Rs Here is how Chesteshwar After Suchi leaks, Lucknow siege: At least 2
Tempting, 28,999 isn't such a good Pujara and Ajinkya Rahane Dhanush's sister Vimala suspected militants holed
idea. Because, OnePlus 3T led India's ght back Post Geetha writes an up inside Thakurganj
Name Email
emotional message home
SocialNews
IndiaToday
Talkofthetown

7 7 Seeknofavoursfrom
SMKrishnajoinsBJPbutisthere UttarPradesh:DeobandorDev
vacancyinparty'sMargdarshak Vrind,debatesDarulUloomtown: Adityanath,PMtellsUPMPs
Mandal?:India,NewsIndiaToday India,NewsIndiaToday MeetingtheMPsoverbreakfast,Modithanked
themforworkinghardinensuringBJPs
7 23
Ayodhyadispute:Subramanian MuslimsinUttarPradeshhave resoundingvictoryintheUPassemblypollsand
Swamysaysmosqueshouldbe mixedfeelingsforYogiAdityanathas askedthemtoworkwithpartyMLAsasateamto
madeoutsidethe7acrepremises: ChiefMinister:India,NewsIndia transform...
India,NewsIndiaToday Today

21 13
BiharlikeGrandAllianceathreatin HinduMuslimcouplecommitsuicide
2019?BJPasksRSStodraw inUttarPradeshto'save'families
strategytocounterchallenge:India, from'trouble'
NewsIndiaToday

MoreNews

Invest in Top SIP Fund

Mutual Fund Investing made as simple as
Buying Online. Zero Paper Work. Start Today Watch Right Now
ABM MyUniverse

5 minutes of brazen abuse:

Proof of Shiv Sena MP's
mockery of VVIP privilege
caught on camera

What does Aligarh Muslim

University make of UP's saffron
sweep?

God designed women to run

newsrooms: Kalli Purie receives
Impact award

Jayalalithaa legacy war: Battle

for Amma's constituency RK
Nagar begins

More Videos

http://indiatoday.intoday.in/story/yesbankupbeatonusingblockchaintoaddmoreprocesses/1/848592.html 2/4
 3/23/2017 YesBankupbeatonusingblockchain,toaddmoreprocesses:PTIfeed,NewsIndiaToday

So Sorry
So Sorry: After UP election, PM
Modi proves he is the best

More Videos

ffer 28GB Apple iPhone 6 at Rs Here is how Chesteshwar After Suchi leaks, Lucknow siege: At least 2
Tempting, 28,999 isn't such a good Pujara and Ajinkya Rahane Dhanush's sister Vimala suspected militants holed
idea. Because, OnePlus 3T led India's ght back Geetha writes an up inside Thakurganj
emotional message home

Top Takes

Ayodhya dispute: Five creative

solutions to the Ram Mandir-
Babri Masjid standoff

Sasikala's nephew Dhinakaran

les nomination for RK Nagar by-
poll

OPS aide E Madhusudhanan

les nomination for RK Nagar by-
poll

DMK loses no condence

motion against Tamil Nadu
Assembly Speaker

More Videos

http://indiatoday.intoday.in/story/yesbankupbeatonusingblockchaintoaddmoreprocesses/1/848592.html 3/4
 3/23/2017 YesBankupbeatonusingblockchain,toaddmoreprocesses:PTIfeed,NewsIndiaToday

Business Loans
for SMEs

No Collateral & Hassle Free.

ffer 28GB Apple iPhone 6 at Rs Here is how Chesteshwar After Suchi Online
leaks, Application. Apply Now! Lucknow siege: At least 2
Tempting, 28,999 isn't such a good Pujara and Ajinkya Rahane Dhanush's sister Vimala suspected militants holed
idea. Because, OnePlus 3T led India's ght back Geetha writes an up inside Thakurganj
emotional message home

NEWS INDIA WORLD PHOTOS CRICKET MOVIES AUTO SPORTS LIFESTYLE TECH EDUCATION BUSINESS SITEMAP

Copyright 2017 Living Media India Limited. For reprint rights: Syndications Today.

http://indiatoday.intoday.in/story/yesbankupbeatonusingblockchaintoaddmoreprocesses/1/848592.html 4/4