The Telangana State Marketing Department has come up with a unique experiment to help people through the ongoing cash crunch.
The Telangana State Marketing Department has come up with a unique experiment to help people through the ongoing cash crunch. On Friday, the department set up a mobile counter of Industrial Development Financial Corporation (IDFC), where people with Aadhaar-linked bank accounts could get tokens to replace currency notes and go for cashless and cardless purchases.
As a part of this experiment, all customers with Aadhaar linked accounts received tokens of Rs. 5, Rs. 10, and Rs. 20 denominations and used it as money.
Picture for representation only. Source: Flickr
Once they made the purchase, the money was automatically deducted from their bank accounts. The vendors accepting these tokens also got the money credited in their accounts immediately. IDFC representatives opened new bank accounts for those vendors and farmers who didn’t bank accounts.
The experiment was conducted at Kukatpally Rythu Bazaar from 9am to 6 pm on Friday and consumers purchased vegetables worth Rs 15,000. Minister of Irrigation and Marketing, T Harish Rao, told The Times of India that the experiment will be continued on Saturday too and will be extended to Rythu Bazaars across the city if it turns out to be successful.