A person having an Aadhaar Card linked bank account can easily buy vegetables without any currency at Rythu Bazaars, government-sanctioned farmers' markets in Telangana.
In order to overcome the inconvenience caused to the common man post demonetisation, Telangana State Marketing Department has started a new initiative to replace cash with token that can be further used to buy vegetables at select markets. A person having an Aadhaar Card linked bank account can easily buy vegetables without any currency at Rythu Bazaars, government-sanctioned farmers’ markets in Telangana.
Rs 5, Rs 10 and Rs 20 currency denominations are replaced by tokens of the same value and can be scored from the mobile counters set up by the Industrial Development Financial Corporation (IDFC) at different markets in various locations of Telangana. These IDFC counters have hand-held PoS (point-of-sale) terminals connected to the online servers of almost every bank and a small mobile ATM that can hold cash up to Rs 25,000. Customers seeking to buy vegetables can register their Aadhar numbers in order to authenticate bank credential linked to that particular Aadhaar number. Post the verification, customers can easily take tokens (maximum up to Rs 500), which would get debited from their bank accounts. Customers would also get a confirmation text on their cell phones, notifying them about the transaction details.
Farmers and vegetable sellers accepting these tokens will have to deposit the them at the IDFC counters at the end of the day, which will then get credited into their bank accounts will equal value. Commenting on this new initiative with The Indian Express, G Lakshi, Director of agriculture marketing said that due to the lack of awareness only 85 per cent transaction happened on Friday, but the graph is moving upwards and now over 100 people avails the coupon within an hour.
As people are still witnessing the side-effects of demonetisation and the uncertainty over when the cash crisis will end, the Telangana government initiated the token payment mechanism to ease the inconvenience caused to both buyers and farmers. As per a government official this new cashless payment option will be soon introduced at various other places to aid businessmen, contractor, daily-wage workers, labourers and other staffs.