ATM Reconciliation Process Of India's Syndicate Bank to Use Private Blockchain Technology

Indian banks may not be friendly towards cryptocurrencies but it sure looks like they seem to embrace blockchain technology. Already banks like ICICI, Axis and Kotak Mahindra have been using blockchain for cross-border remittances and now Syndicate Bank is going to create a private blockchain for ATM reconciliation. To explain the use case, Managing Director Mrutyunjay Mahapatra, said: "Say you are a Syndicate Bank customer taking money out of a Syndicate Bank or ICICI Bank ATM. If say you tried to withdraw Rs 10,000 and you get a message saying your account has been debited, but cash has not been dispensed ? what do you do?" The usual system is to report the incident by calling the customer's bank. Then one has to wait 4-5 working days, as the bank checks its systems to verify if the transaction has occurred or not and then reverse the amount. These extra times adds to the anxiety of the whole situation. He adds: "When the ATM becomes a block in a series of transactions, the system