Banks in India are collaborating on a new blockchain platform to remove financing hurdles for micro, small and medium size businesses (MSMEs), local daily news outlet Economic Times reported Jan. 28.

A total of eleven banks — including second-biggest lender Kotak Mahindra Bank, State Bank of India and ICICI Bank — are already meeting to discuss the implementation of a platform that will make it easier for businesses with smaller turnover to raise funds transparently.

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