Hyderabad: Government today launched B-PoST – a blockchain technology-based solution for Stree Nidhi of Panchayat Raj & Rural Development Dept. to empower the poor women, especially the unbanked and underbanked population.
Jayesh Ranjan, Principal Secretary, Information Technology, Electronics & Communications Dept., Sandeep Kumar Sultania, Secretary, Panchayat Raj & Rural Development Dept., have formally launched the solution. Vidya Sagar Reddy, Managing Director, Stree Nidhi, Smt. L. Rama Devi, Director, Emerging Technologies were also present.
The Loan disbursement and repayments of Stree Nidhi for all the 1.5 lakh members will be recorded on the blockchain platform. The Self Help Group (SHG) Member level credit rating will be derived from these Blockchain transactions, a release from the IT Department.
SHG Members may now leverage their credit rating to avail other financial instruments from banks and other institutions. The pilot project, implemented by Cognitochain, a start-up based out of Hyderabad. The Pilot phase will include 1.5 Lakh SHG members of Rajanna Sircilla District of Telangana.
Telangana is at the forefront of using frontier technologies for delivering services to the citizens. This project is unique as it serves the poorest of the poor and has the potential to replicate across the country said Jayesh Ranjan.
