Shriram Transport Finance gets on blockchain tech bandwagon

MUMBAI: Shriram Transport Finance Company (STFC) has launched the country’s first Blockchain assured Digital FD Certificates to provide 100 pc cryptographic security and authenticity on its private blockchain with seamless customer service.

Currently, the ShriramUnnati Fixed Deposits scheme offers the highest return rate up to 7.75 pc interest rates. Senior citizens can avail higher additional returns of up to 0.30 pc and above the normal interest rates.

Umesh Revankar, VC-MD, Shriram Transport Finance Company, said “We are proud to be among the first NBFC to adopt this technology in India. We are constantly reinventing many such digital initiatives to make the journey our customers secure, seamless and convenient.”

As part of the digital certificate issuance process, customers will be able to access the digital certificate instantly with the help of a trust infrastructure created by STFC where they can download, share or verify the authenticity of the digital certificates at ease. Blockchain will create a Global Trust of these FD certificates and making it immutable data on the infrastructure for any future audit.

Novac Technology Solutions is their digital solution partner and STFC has on boarded start-up Print2Block from Chennai for issuing deposit certificates using blockchain technology on their Docchain.io Platform. STFC has plans to on board other start-ups for optimal use of blockchain technology as it strives to use innovative technologies to support its activities.