Indian private sector lender Kotak Mahindra Bank joined Ripple's enterprise blockchain network RippleNet to enable faster inward cross-border remittances for its customers. India is the world's largest remittance receiver, according to a recent report.
Kotak will use Ripple's blockchain-based settlement solution, xCurrent. xCurrent is expected to help Kotak reduce the average time associated with remittance payments to minutes compared to the several days earlier. The solution also tracks the entire transaction process from end-to-end on blockchain.
It is also claimed that the costs and fees for Kotak customers for inward payments will be lower.
RippleNet has a connected network of financial institutions and payment providers to send money across the globe.
Kotak joins other major banks in using RippleNet. In November, Axis Bank had gone live using xCurrent, and in February IndusInd.
Earlier too, Kotak Mahindra Bank has used blockchain technology, that reduced the time of completing a letter of credit transaction with JP Morgan, Singapore to just a few hours from the normal 20 to 30 hours.
For comments and feedback contact: editorial@rttnews.com
Technology News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.