Banking sector plays a pivotal role in the development of every economy. The advancement of all the sectors, either directly or indirectly, is dependent upon the working of a robust banking system. Numerous policy measures have been taken by the Reserve Bank of India to technologically upgrade the banks and avoid instances of money laundering. Banks are also experimenting by replacing traditional methods with the new ones. The path breaking step in this regard, is the adoption of blockchain based framework for executing various functions. It is now exponentially used for handling crucial databases, reducing transaction cost, and creating a safe environment for the customer. In today's scenario data is the most valuable asset. When an individual or corporate avails the services of a bank, the foremost demand is of security against financial and identity thefts. Ensuring security of the customer as well as for the service provider is a pressing priority. Blockchain serves the purpose. It not only enhances security of both the parties rather improves the operating efficiency of the bank along with. It's a scientific method for managing and storing information in blocks made with crypto currencies. Undoubtedly, a meticulous way makes hacking impossible. It is crucial to understand that blockchain is just not about Bitcoin, but there's a lot more to explore. Be it elimination of huge amounts of record-keeping or resolving cross-border payments-related issues it serves innumerable purposes. The Indian banking industry is investigating into its multiple uses. Many banks in India have already adopted this technology. This paper focuses on the benefits that the commercial banks in India are seeking out of this technological up-gradation. A detailed analysis has been made on two giants of banking industry i.e. SBI and ICICI. The collaborations they have made and the functions they are performing with this technology have been highlighted in this paper.