Now India Launches Blockchain Platform for Payment Processing and Settlement

Yes, Indian Government is against cryptocurrencies but want to reap fruits of blockchain technology and favours Distributed Ledger Technology.

National Payment Corporation of India has now launched a DLT based Vajra Platform to automatically process payments, clearing and settlement.

As many as 56 banks are members of NCPI and shareholders in Vajra Platofrm.

Vajra Platform's architecture consists of three nodes:

1. CHN i.e. Clearing House Node will be maintained by NPCI
2. Notary Node or UIDAI Node maintained for AADHAR biometric authentications
3. Participant Node (PN) to view, post and receive transaction for use of member banks

Obviously, this is not an open or permission-less blockchain system but that's how blockchains are deemed useful by Indian government.

Check more details of this announcement here