The 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.
Principal Secretary, IT & Electronics Jayesh Ranjan, Secretary, Panchayat Raj & Rural Development Sandeep Kumar Sultania have formally launched the B-PoST solution. Managing Director, Stree Nidhi Vidya Sagar Reddy, Director, Emerging Technologies Smt. L Rama Devi was present on the occasion.
The Loan disbursement and repayments of Stree Nidhi for all the 1.5 lakh members will be recorded on a Blockchain platform. The Self Help Group (SHG) Member level credit rating will be derived from these Blockchain transactions. 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.