For quite a few years now there has been the talk of India banning cryptocurrency entirely, in the beginning, they virtually outlawed them.
At XRPN we knew the Indian people are very smart and were simply getting their ducks in line before this next financial revolution hits with XRP as king.
Improving remittances services into and out of India means less fees and more money for families who rely on those funds that are sent home…
Now we have proof that not only is adoption very near, but Ripple also has signed up or had discussions with most, if not ALL of the banks in India.
This gives direct access to 1.3 Billion users who send up to $1.2 Billion dollars abroad to family every year. READ MORE
Indian Banks Already on RippleNet
Further proof comes from Deepak Sharma the Chief Digital Officer at Kotak Mahindra, India’s second-largest private bank by size and market cap as of April 2019.
Boasting a network of 1,369 branches and 2,163 ATM machines and 50,000 employee’s you start to see the kind of financial clout Kotak has in India.
Kotak Mahindra Bank offers banking products & financial services for corporate & retail customers through a multitude of delivery channels & specialized subsidiaries in the areas of personal finance, investment banking, life insurance, general insurance & wealth management
Kotak Mahindra Bank
We also had confirmation from Sachin Maheshwari, a Software Integration Engineer from Ripple who announced that RippleNet has dozens of banks using their distributed ledger technology already.
Right now many Indian banks are using RippleNet to complete thousands of transactions to the Middle East and reports say it only takes on to 3 minutes compared to days as it had always been.
Mass Adoption Event Horizon
Everything in the XRP, Ripple and even the whole cryptocurrency ecosystem seems to be heading and preparing for something so transformational the world of finance, civilization and even mankind will be changed forever.
The Ripple team believes that XRP can help trigger mass adoption, thanks to this latest development, which will certainly significantly increase the volume of Ripple XRP utilities, given that India is the second largest country without banking services in the world, and is an emerging market with population of 1.33 billion people
The biggest shift of wealth the world has ever seen and if you are reading this then we can assume you have your ticket booked for what promises to be one hell of a ride.
Check out Ripple’s Sachin Maheshwari talk about Indian banks adopting RippleNet, below.