Telangana launches B-Post- A secure banking solution for poor women

The Telangana government has launched the ‘Block Chain’ – Protection of Women Fund Transactions ‘B-Post’, a secure Block chain technology solution created by the IT department for Stree Nidhi of Panchayat Raj & Rural Development Dept.

The initiative was put forth to empower poor women and women specifically the unbanked and underbanked population. Jayesh Ranjan, Principal Secretary, IT, Electronics & Communications Dept., Sandeep Kumar Sultania, Secretary, Panchayat Raj & Rural Development Dept, held the launch ceremony as an aid. Vidya Sagar Reddy, Managing Director, Stree Nidhi, Smt. L. Rama Devi, Director of Emerging Technologies have also graced the ocassion.

As blockchain is a decentralised database, it is not regulated by anyone and once the data is uploaded in the blockchain, it becomes immutable by prohibiting any falsification of information.

B-post is a pilot project introduced by Cognitochain, a start-up firm from Hyderabad. The trial phase will include 1.5 Lakh SHG members of Rajanna Sircilla District of Telangana. The Loan disbursement and repayments of Stree Nidhi members will be digitally recorded on the blockchain platform. The Self Help Group (SHG) Member level credit rating will be provided from every Blockchain transaction.

Jayesh Ranjan said that this credit rating with B-Post would help SHG members to avail financial support easily from banks and other institutions and also appreciated Telangana government for being a pioneer in utilising new technologies.