JPMorgan Chase & Co. has tied up with six Indian banks to introduce a blockchain-based platform to settle interbank greenback transactions within the nation’s latest worldwide monetary hub. 

“We will be running a pilot project for the next few months as we need to analyze banks’ experience,” Kaustubh Kulkarni, senior nation officer, India and vice chairman, Asia Pacific at JPMorgan, stated in an interview. The banks embrace prime personal lenders like HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Yes Bank Ltd. and IndusInd Bank Ltd, along with JPMorgan’s personal banking unit at GIFT City, he stated.