It now has 22 Indian banks, including ICICI Bank, DCB Bank and Axis Bank, and five Middle East-based banks.
Bank Chain has tied up with Pune-based startup Primechain Technologies to create these solutions. It is getting all banks together and collaborating.
The first register will be for companies and other legal entities in the Register of Commerce and Companies (RCSL): the register should be available for national authorities (such as the prosecution service) and national professionals (such as the Bar Association for example) and used in the fight against money laundering and the financing of terrorism.
In addition, it is expected that other individuals or national organisations could access the register upon request, provided they have a “legitimate interest”.
"Smart contracts can be used for simple things like non-disclosure agreement... SBI is also in the design phase of setting up an innovation centre in Navi Mumbai which will explore how emerging technologies such as Artificial Intelligence (AI), Machine Learning (ML), Robotic Process Automation (RPA), predictive analytics, etc., can help in easing various processes in banking.
The centre, which is expected to be completed by mid next year, will house selected startups.
Countries that have said they will make reforms, including Switzerland, Turkey and Hong Kong, were added to a so-called “grey list”.
The blacklist — compiled by the European Council’s code of conduct group — was an “insufficient response to the scale of tax evasion worldwide”, said Pierre Moscovici, European commissioner for tax.
Panama, South Korea and the United Arab Emirates were all placed on the list of non-compliant jurisdictions.It is also de-risking our investment in emerging tech, so that all banks can come and invest at once..can also share knowledge and reduce the cost.We can also use each other's technical teams to take this forward."We are building an innovation centre (to explore) AI, ML, blockchain, RPA, visualisation, predictive analytics, etc. We can start collaborating and developing these solutions. We expect to see this up by middle of next year," said Baraokar.It is a physical innovation centre at our IT headquarters in Navi Mumbai. World over, banks are looking into blockchain to come up with easy and secure solutions for processes such as peer-to-peer payments, loans syndication, KYC, cross-border payments and virtual currencies.We focused on solutions that the bank does not have...things like smart contracts, which is not regulatory heavy.We focused on those solutions," said Baraokar, in a chat with ET, at the recently concluded Bengaluru Tech Summit.“Tax avoiders and the countries that sponsor them will all be letting out a sigh of relief today.” “As long as the Council cannot agree on common sanctions against listed tax havens, the blacklist will be toothless,” said MEP Sven Giegold, a Green party spokesman on financial and economic policy. However, placing countries on a ‘grey list’ shouldn't just be a way of letting them off the hook, as has happened with other blacklisting efforts in the past.” The list is an important part of Europe’s decade-long tax crackdown on aggressive tax avoidance, in co-ordination with efforts led by the Organisation for Economic Co-operation and Development.Aurore Chardonnet of the charity Oxfam said: “It seems the EU’s pressure has obliged some of the most notorious tax havens like Switzerland and Bermuda to commit to reforms . International tax structures have been pushed up the agenda by a succession of leaked revelations about various jurisdictions, including the Lux leaks, Panama papers and Paradise papers.EUfinance ministers have blacklisted 17 countries for refusing to co-operate with its crackdown on tax havens but have welcomed reform promises from 47 other nations.Announcing the outcome of months of screening of global tax policies, Brussels said its inaugural list of non-compliant nations was a step forward but admitted it was not enough.