Indian Bank, Canara, Axis, South Indian Bank buy equal stakes in fintech firm IBBIC

IBBIC Private Limited is proposed to be incorporated as a financial technology company with an objective of providing a platform for exploring, building and implementing Distributed Ledger Technology (DLT) solutions for the Indian financial services sector, the banks said in separate filings to exchanges.

The company name is subject to approval of the Registrar of Companies, Mumbai, they added.

All these banks have acquired 6.67 per cent stake each (representing 50,000 equity shares) in IBBIC for a cash consideration of Rs 5 lakh.

The indicative time period for completion of the acquisition is December-end, 2020.

Further, the lenders said the company registration application of IBBIC will be submitted to the Registrar of Companies, Mumbai by the end of this month.

A distributed ledger or shared ledger technology is a consensus of replicated, shared, and synchronised digital data geographically spread across multiple sites, countries or institutions.