Accordingly the government of Telangana, through its Registration & Stamps Department has collaborated with T-Hub startup ChitMonks to launch T-Chits, a blockchain-based chit fund administration. Sources added as the chit fund business in India got corporatized, regulations to administer the business and protect the interest of all subscribers involved also evolved. Meanwhile the Central act of Chit funds, which came into effect from 1982, has since been the guiding book for all the regulators across India.
Moreover according to a statement from ChitMonks, T-Chits are a revolutionary way of administering the registered Chit Fund businesses in the state. Furthermore it brings the organizations in the state and the registrars onto an immutable, smart contract-enabled, highly-secure Blockchain system powered by ChitMonks.
Accordingly the Registration & Stamps Department will run a
three-month pilot with ChitMonks in its Hyderabad, Golkonda and Ranga Reddy
offices. Media reports that Srinivasulu Vemula, Joint Inspector General of the
Registration & Stamps Department says that he expects 10 chit fund companies
to come on board for the first pilot. It was founded in February 2016,
ChitMonks works with registered Chit Fund companies to make investing in Chit
funds more accessible, credible and rewarding to all the stakeholders.
Hyderabadi Business magnet donates 1 Crore to TTD Hyderabad sources made a statement that Hyderabad based businessman B Karunakar Reddy has donated Rs 1 crore to Lord Venkateswara in Tirumala on Wednesday. Accordingly an ardent devotee of Lord Venkateswara, Karunakar Reddy along with his family visited Tirumala temple, offered their prayers to the Lord and later handed over a cheque of Rs 1,00,00,116.
- Can Chandrababu Naidu could bring Special Category Status to AP through his National Charisma?
- North Korea carried out demolition of its nuclear test site
- Rahul Gandhi dares PM for a fuel challenge
- Blue Methane flames burning in Hawaii Volcano
- Will Tuticorin return back to normalcy by new Collector?
- VIDEO emerged showing inhuman reaction of police in Tuticorin
- BJP has not given up its hopes on Karnataka yet
- CM Palanisamy's said anti social elements took protesters to wrong path
- Is there any master plan behind death of celebrities son?
- Deadly Nipah Virus taken its toll with one more person
- Bollywood pair Ranveer Singh & Deepika Padukone wedding date finalized
- State wide Bandh in Tamilnadu on May 25 in Sterlite issue
- DMK Chief Stalin evicted from Secretariat premises
- Will HD Kumaraswamy bring Karnataka as a model for India?
- Did TDP party planned to attack Pawan Kalyan?