Summary:
Visakhapatnam: The Institute for Development and Research in Banking Technology (IDRBT) is developing a blueprint for blockchain technology, which will eventually become the architecture for the sunrise sector, A S Ramasastri, director of IDRBT, said here on Tuesday.The blueprint is being prepared by specialists at the Hyderabad-based IDRBT, he said. Infinet and the other services are now managed by a company called IFTAS (Indian Financial Technology and Allied Services). “The bank, which is party to a financial transaction with a fintech company, has to comply with Reserve Bank of India regulations. IDRBT has taken up the task of setting out a roadmap for the sector with its blueprint, he said.He said that at present fintech companies are able to operate because their financial transactions were routed through scheduled banks. “We have a model in which our specialists and consultants offer training programmes to banks and financial institutions, for which they are paid a fees..