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The chit industry, with an estimated assets under management (AUM) of ₹1.50 lakh crore, involves a great deal of paper work. This results in drudgery for both the foremen (who organises the chits) and the regulators (the State governments). But the blockchain-based IT platform will change the way the chit industry conducts its business.
Blockchain is a new technology that brings in tamper-proof security by recording transactions.
The Telangana government has introduced a blockchain-powered IT solution to bring in transparency and cut down paper work. Developed by a T-Hub-incubated start-up, the solution named ChitMonks will be rolled out among 700 chit firms in the State.
“We have identified 10 companies and two registrar offices in the State for introducing the IT solution. We will talk to other firms later,” said Srinivasulu Vemula, Joint Inspector General in the Stamps and Registration Department.
It is estimated that Telangana accounts for 20-25 per cent of the ₹1.50 lakh crore AUM in the chit industry.
“Our solution helps foremen to achieve increased operational efficiency by reducing manual work while helping the regulator to handle the data with ease,” said Pavan Adipuram, Founder and Chief Executive Officer of ChitMonks.
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