Shriram Transport Finance launches Blockchain technology for issuance of fixed deposit certificate
First NBFC in India to issue deposit certificate using block chain
Mumbai, 07 September 2021: Shriram Transport Finance Company Limited (STFC) is India’s largest asset financing company. As a part of STFC’s ongoing digital-first approach, the company has launched India’s first Blockchain assured Digital FD Certificates to provide 100% 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% interest rates. Senior Citizens can avail higher additional returns of up to 0.30% and above the normal interest rates.
Mr. Umesh Revankar, Vice Chairman and Managing Director of Shriram Transport Finance Company, while describing the successful launch stated “In our endeavor to continuously look for innovative ways to connect with customers and make their experience seamless, we are delighted to announce the launch of Blockchain technology. 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.
The company is associated with Novac Technology Solutions as their digital solution partner and they have onboarded award-winning start-up Print2Block from Chennai for issuing deposit certificates using blockchain technology on their Docchain.io Platform. STFC has plans to onboard other start-ups to leverage the optimal use of blockchain technology. STFC is focused on adopting innovative technology and is keen on continuing to leverage the strong technology of blockchain. The company is looking forward to opening new frontiers with the latest technology innovations that can help customers feel safe and secure with a seamless customer service experience.
About Shriram Transport Finance Company Limited (STFC):
Shriram Transport Finance Company Limited is the flagship company of the Shriram group. STFC is India’s largest player in commercial vehicle finance, was established in the year 1979. The company has a niche presence in financing pre-owned trucks for Small Truck Owners (STOs) and has a presence with a network of 1,585 branches, 856 rural centers, and tie-up over 500 private financiers across the country.