Home News Blockchain Indian Retail Payment Body Extends Expression of Interest to Develop Blockchain Solutions

Indian Retail Payment Body Extends Expression of Interest to Develop Blockchain Solutions

April 04, 2019 13:52
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National Payment Corporation of India (NPCI) which is an umbrella organization for all retail payments in India, extended a global invitation for expression of interest (EOI) for blockchain solutions recently.

Stating their objective, the NPCI said, that the organization was calling on developers to build blockchain also known as distributed ledger technology in the field of payments. The body stated that its purpose was to develop a resilient, highly scalable and real time blockchain solution, using open source technology or framework.

The EOI listed some criteria for the would-be developers stating that the bidders (companies) would have to be proficient in blockchain implementations; blockchain startups which are associated with Start-Up India; be a legal registered entity; should not have been blacklisted by any bank in India or abroad; have 25 blockchain professionals who must have implementation experience in the field.

Not only that, but a bidder would be required to pay Rs 11,800 to purchase the bid and a whopping Rs 5,00,000 as Earnest Money Deposit (EMD). The last date to submit the bid is later this month, on April 23.

While this development is interesting, it is not the first time, an Indian organization is working on specific use-cases of blockchain. Niti Aayog, the government think tank is working on developing a homegrown blockchain called IndiaChain. Late last month, the body had organized a FinTech event called FinTech Conclave in New Delhi.

The event had representatives from SEBI, RBI, Income Tax Department, Revenue Department, etc. Since it was a fintech event, representatives of major fintech startups were also present at it. But most surprising was the presence of representatives from all major cryptocurrency startups of the country. They had been invited there by NITI Ayog, and according to Crypto Kanoon feedback was taken from them also on opportunities, risks, challenges and overall nature of crypto space.

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