On Saturday, Rythu Bazaar in Kukatpally, Hyderabad, was full of activity with people buying and bargaining for vegetables. However, this was not the case two days ago. After demonetisation of high value notes, people faced a cash crunch which directly affected the sale in Rythu Bazaar.
But on Saturday, the Telangana government along with IDFC Bank took the initiative to enable cashless transactions in order to ease the “change” problem. Those shopping for vegetables were issued coupons worth Rs 5, Rs 10 and Rs 20 so that the vendors don’t suffer a loss.
Speaking to The News Minute, Kiran Reddy, the supervisor of Rythu Bazaar said, “Two days ago, the sale came down by 40%. But after the coupon system was introduced since morning, more than 200 people have already used it and the number of shoppers is likely to cross 400 today. They just have to provide their Aadhar card number in the counter here, and they can pay the amount and get coupons to buy vegetables in Rythu Bazaar.”
The marketing minister who launched the initiative, T Harish Rao told Deccan Chronicle, “Due to currency shortage, the activities in Rythu Bazaars had come to a halt in the last 10 days. Everyone is bringing Rs 500 and Rs 1,000 notes. Sellers were not in a position to sell, while buyers are forced to leave empty handed. While sellers and farmers are suffering huge losses due to decay of vegetables, the buyers are facing severe hardships in obtaining vegetables. We have decided to bridge this gap by introducing cashless transactions.”
If the customers have any amount remaining after their shopping, they can return the remaining coupons in the counter. The money will be credited back to their account.
After the day ends, the vendors will deposit their coupons to the counter and take cash or the money will be transferred to their account, added Kiran Reddy. He also said that this initiative has increased the sale as now it has become more convenient for people to shop.