A number of state-run and private banks have acquired 6.67 per cent stake each in financial technology firm IBBIC. These lenders include Canara Bank, Axis Bank, Indian Bank and South Indian Bank.

All four banks have acquired 6.67 per cent stake each (representing 50,000 equity shares) in firm for a cash consideration of Rs 5 lakh.

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The indicative time period for completion of the acquisition is December-end, 2020.

Further, the lenders said the company registration application of IBBIC will be submitted to the Registrar of Companies, Mumbai by the end of this month.

IBBIC Private Limited is proposed to be incorporated as a financial technology company with an objective of providing a platform for exploring, building and implementing Distributed Ledger Technology (DLT) solutions for the Indian financial services sector, the banks said in separate filings to exchanges. The company name is subject to approval of the Registrar of Companies, Mumbai.

A distributed ledger or shared ledger technology is a consensus of replicated, shared, and synchronised digital data geographically spread across multiple sites, countries or institutions.