The National Payments Corporation of India (NPCI) launched the Vajra Platformto make payments fast and secure. The platform is based on blockchain technology. Aim: The main objective of the Vajra Platform is to provide automated clearing and settlement of payments and drastically reduce the need for manual reconciliation. Benefits: The benefits of the Vajra Platform: Near real-time clearing and settlement of transactions Minimal reconciliation of transactions ♦Improved security and reduced operational and financial risks ♦ Legitimate audit trail as DLT is incorruptible ♦ Vajra Platform will be used for Aadhaar authentication by the Unique Identification Authority of India (UIDAI).
