According to the current economic reports, in today's market, Indian banking sectors have been upgrading their technology day by day, which is helping them immensely to grow at a fast pace. It has been stated that until now almost 80% of adults have had bank accounts in India. It is such a figure which approximately has been doubled since 2011. India has been one of the largest receivers of remittances, with an average amount of $69 billion dollars which year at present running in India.
If we come to the data analysis part, it is overall clear to us as the financial institutions in India unknown as critical hubs for both the citizens staying in India and the greater global economy too.
Keeping in mind of this factor, a renowned blockchain solution named as "Ripple", it is started partnering with various Financial Institutions across India in order to improve the access of customer service and business forums. Let's come to the unique features what “Ripple” providing at present. What it does is, it helps banks and third-party payment providers get connected to each other and make safe transactions through their modern technology.
Recently, as a new addition to Ripple's features, it has partnered with Kotak Mahindra Bank, which is one of the leading banks in India having over 1300 branches all over the world. In order to improve services, Kotak has also joined with other major banks in the region of Ripplenet.
Most importantly, improving remittances services in India highlights the factor- “Less fees and more money” .