NEW DELHI: India’s Yes Bank, as an issuing and paying agent (IPA), facilitated the issuance of a commercial paper (CP) of Rs 100 crores using Blockchain technology for Vedanta Limited, a natural resources conglomerate.
This is the first time in Asia that a CP has been digitally issued using Blockchain technology, the bank in a statement Thursday said.
The digital solution ensures an efficient, transparent and secure mechanism for CP issuance and redemption. This transaction was completed in partnership with MonetaGo, a leading provider of financial technology headquartered in New York, USA.
“We are extremely pleased to partner with Vedanta and this first of its kind transaction reaffirms Yes Bank’s strong commitment to bringing customized financial solutions through innovative practices and knowledge banking approach to the infrastructure sector,” Vinod Bahety, Head-Corporate Infrastructure Banking & Corporate Banking at Yes Bank said.
“Vedanta will benefit from the digitized and simplified workflow which shortens the laborious process running into hours to just a few minutes and complete transparency that this platform offers to all stakeholders,” GR Arun Kumar, Group CFO, Vedanta Group said.