Cabinet Approves MoU Between EXIM Bank and BRICS Banks

Union Cabinet has approved the MoU signed between Export-Import Bank of India (Exim Bank) and member banks under BRICS Interbank Cooperation Mechanism on Collaborative   

 

Research on Distributed Ledger and Block chain Technology in context of development of digital economy.

About the MoU:

• Blockchain technology or Distributed Ledger holds potential for solutions to various challenges being faced in financial sector space of BRICS nations.
• The MoU was signed between Exim Bank, Banco Nacional de DesenvolvimentoEconomico e Social (BNDES, of Brazil), China Development Bank (CDB), State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank of Russia) and Development Bank of Southern Africa (DBSA).
• It intends to enhance understanding in this field, through joint research efforts to identify areas within respective business operations where it may have potential for applications aimed at enhancing operational efficiencies.

Interesting to know:

• The Xiamen Declaration signed in September 2017 at 9th BRICS summit in Xiamen, China by BRICS leaders had highlighted the importance of digital economy and ways BRICS nations can leverage its potential for fostering global economic development and benefit everyone.
• Accordingly, a Memorandum of Understanding (MoU) on Collaborative Research on Distributed Ledger and Block chain Technology in the Context of Development of Digital Economy was suggested to be signed by all member banks.

Question:

Union Cabinet has approved the MoU signed between which bank of India and member banks under BRICS Interbank Cooperation Mechanism on Collaborative Research on Distributed Ledger and Block chain Technology in context of development of digital economy?
a. State Bank of India
b. National Bank of India for Trade
c. Export-Import Bank of India (Exim Bank)
d. None of the above