In an announcement , Kotak Mahindra Bank revealed it use San Francisco-based Ripple’s blockchain technology to power inward international remittances in India, the world’s largest remittance receiver. Specifically, Kotak will use Ripple’s enterprise blockchain software
Recognizing India as a priority market with over $70 billion in inward remittances in 2017, Ripple expanded into the country by opening an officein Mumbai, the country’s financial capital.
Note- the blockchain solution does not use Ripple’s token cryptocurrency XRP, which powers a separate product inxRapid..