T-Chits, Telangana’s blockchain project for administering chit funds in the States, has received the gold award in ‘Excellence in Adopting Emerging Technologies’ during the 23rd national conference on e-Governance 2019-20 held at Mumbai on Saturday. Union Minister of State for Prime Minister’s Office Jitendra Singh presented the award to Rama Devi Lanka, director of Emerging Technologies and officer on special duty for the ITE&C department.
Telangana has been focusing on developing a vibrant ecosystem for key emerging technologies. We have leveraged these technologies to improve citizen service delivery and to solve pain points within government departments. T-Chits is one such achievement of the state, wherein a blockchain-based platform will capture transactions, verify the data, enable smart and secure transactions to allow automated and trusted financial transactions between all parties involved in Chit Fund businesses across Telangana, said Ms. Rama Devi Lanka, Director Emerging Technologies & OSD, ITE&C Department, Government of Telangana.
A project of the Blockchain District state initiative, T-Chits has transformed the cumbersome process of monitoring Chit Fund transactions by bringing in Trust and Transparency through Blockchain. The project has a massive impact. INR 18549.12 Cr+ of savings of 10,08,300+ subscribers (mostly from lower-income groups) are rotated per annum in Telangana alone.
“T-Chits is the perfect example of using cutting edge emerging technologies for social good. Kudos to Chitmonks, a Blockchain-startup incubated in T-Hub, for developing a scalable Blockchain solution, tailor-made to solve a major Indian problem,” said Mr. Jayesh Ranjan, IAS, Principal Secretary, ITE&C Department, Govt. of Telangana.