Hyderabad: Stree Nidhi, PR&RD, Government of Telangana, has implemented B-PoST (Blockchain – Protection of Stree Nidhi Transactions), a blockchain technology-based solution to empower the poor women, especially the unbanked and under-banked population.
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. The 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 startup based out of Hyderabad, has been launched by Jayesh Ranjan, principal secretary, Information Technology & Electronic Communications. Sandeep Kumar Sultania, secretary, Panchayat Raj & Development Department, and Vidya Sagar Reddy, managing director, Rural Stree Nidhi. The pilot phase will include1.5 lakh SHG members of Rajanna district.
Telangana is at the forefront of using frontier technologies for delivering services to 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.
Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.