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Money Problem! New Solution In Telugu States

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At a time whole nation is in tumultous over the cash-crunch caused due to demonetisation and states are in quandary as their revenues have seen a steep fall, only Telugu states have come up with alternative measures to tackle the issue. Thanks to Chief Ministers Chandrababu Naidu and KCR, the state authorities have come with an innovative idea to overcome the shortage of smaller denominations (Rs 100, Rs 50, Rs 20, Rs 10 and Rs 5).

Jan Dhan Accounts

AP CM Chandrababu Naidu has asked banks to activate Jan Dhan accounts and Rupay cards immediately. Naidu said that bankers should rise to the occasion with better coordination. The command control rooms should bring the problems of the people to the notice of the government and bankers for immediate solution.

Since AP received Rs 2,000 crore currency including Rs 400 crore worth of Rs 100 notes, He said banks should set up call centres for effective monitoring of the situation and delivery of cash to rural areas. Naidu directed RTC officials to install e-PoS machines at ticket counters. He said that 25,208 e-PoS machines were functioning at fair price shops and the number would be increased if necessary.

60 Lakh Students to train people

Mr Naidu said that the services of 60 lakh students should be utilised for training people in online and mobile banking transactions adding that all government transactions should be made online. This is a welcome move as it’d endorse online transactions and thus help the nation progress towards cashless economy.

Micro ATMs in Telangana

In Hyderabad, Industrial Development Financial Corporation (IDFC) set up a Aadhaar-based micro ATM counter at Kukatpally Rythu Bazaar which dispensed tokens to buy vegetables, thereby ensuring cashless transactions

Buy vegetables without money

A consumer who has an Aadhaar-linked bank account can avail tokens of Rs 5, Rs 10 and Rs 20 denominations from the IDFC counter by providing their bank account details and thumb impression.

Use Tokens instead of Money

The tokens can then be used as money for making purchases. After the purchase, the money will be automatically deducted from their bank accounts. The farmers and vendors who accepted these payments through tokens can get the amount credited to their accounts immediately.

For the ones who do not have a bank account, the IDFC representatives opened up new bank accounts on the spot.

Such micro ATMs help farmers to sell perishable items like vegetables and not suffer losses. They have been set up in rural areas too. Consumers said to have purchased vegetables worth Rs 15,000 without exchanging any currency.

Thus both Telugu states Andhra Pradesh and Telangana are coming up with innovative measures to tackle the issue. Since both AP and Telangana have secured most-business friendly states (shared No. 1 rank), the two states are leaving no leaf unturned to live up to their fame.

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