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Dhirubhai Ambani awarded Padma Vibhushan, sons overwhelmed

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New Delhi: Legendary entrepreneur Dhirubhai Ambani has been named for this year’s Padma Vibhushan award, India’s second highest civilian honour, for his “exceptional and distinguished” service.

As per a statement from the home ministry, Ambani will be conferred the award posthumously for his contribution to trade and industry — the only person chosen for the Padma Vibhushan this year under this category.

The president of India confers the award around March-April.

Both his sons — overseeing the empire he created — felt overwhelmed and honoured by the announcement.

Mukesh Ambani addressed Dhirubhai Ambani’s vision to be an inspirational aspect to the new age entrepreneurs of India.

The Padma Vibhushan awarded to Shri Dhirubhai Ambani is an honour to the indomitable spirit of Indian entrepreneurship, innovation and ambition to always do better than the best in the world,

The younger son Anil Ambani, who oversees the Reliance Group, said the honour was a recognition of Indian entrepreneurship.

I personally, and the entire Reliance family, are truly overwhelmed and deeply humbled at the award of this great national honour, the Padma Vibhushan, for the greatest entrepreneur and wealth creator in the history of India, my beloved father, Shri Dhirubhai Ambani,” he said.

The true legacy of Dhirubhai lies in the inspiration that he continues to provide to millions of young people, who are dreaming impossible dreams, and setting out to achieve their entrepreneurial ambitions.

 

“In his lifetime, Dhirubhai created and shared more wealth with Indians than anyone before or since.”

(Inputs from IANS)

(Picture Courtesy: www.siasat.com)

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HSBC and Reliance Execute Blockchain Trade Finance Transaction

The statement added that the transaction validated the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation

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Reliance.
HSBC, RIL execute blockchain trade finance transaction.

Banking and financial services major HSBC and Reliance Industries Ltd on Sunday said that they have executed a first-of-its-kind blockchain trade finance transaction, validating the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

“This is an industry-first as the blockchain platform integrated with ‘Bolero’s electronic Bill of Lading’ (eBL) platform to issue and manage an electronic ‘Bill of Lading’,” a joint statement said.

“This allowed a digital transfer of the title of goods from the seller to the buyer in the underlying trade. It further enabled the underlying trade to be fully digitised.”

According to the statement, the end-to-end transaction was executed on “R3’s Corda” blockchain platform which is a single-shared application, rather than requiring multiple isolated digital systems across various counterparties located around the globe.

“The ‘Letter of Credit’ (LC) was issued by ING Bank for Tricon Energy USA (importer) with HSBC India as the advising and negotiating bank for Reliance Industries, India (exporter),” the statement said.

Reliance
Reliance.

“This solution is a significant improvement for any organisation involved in buying and selling goods internationally, as it truly brings together all parties onto one platform.”

The statement added that the transaction validated the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

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“We are excited to partner with HSBC on digitalisation of trade finance. This reflects our continued commitment to embrace emerging technologies and industry-first initiatives,” Srikanth Venkatachari, Joint Chief Financial Officer, Reliance Industries, was quoted as saying in the statement.

“The use of blockchain offers significant potential to reduce the timelines involved in exchange of export documentation from the extant 7 to 10 days to less than a day. When adopted at scale, it helps in significant optimisation of working capital. Further, use of blockchain in trade finance enhances transparency, security and synergy across all the parties and stakeholders involved.” (IANS)