Token System in Kukatpally Rythu Bazaar (Farmers’ Market)
Due to demonetization of Rs. 500/- and Rs. 1000/- currency in India, the business activities in vegetable markets had been badly affected and the activities in Rythu Bazar had come to a halt. As a result of currency shortage, the buyers were facing severe hardship in obtaining vegetables and the sellers and farmers were suffering losses due to decay of vegetables as they have short shelf-life.
To address this problem, the Telangana government in association with Industrial Development Financial Corporation (IDFC) bank has launched a cashless transactions initiative in Kukatpally Rythu Bazaar (Farmers’ Market). Customers of all banks can avail this facility without debit/credit cards by following the below mentioned steps:
- Visit the IDFC counter and specify the approximate amount (In Rs.) required for purchase.
- Provide the bank name & Aadhaar number followed by a thumb impression. It is to be noted that the Aadhaar number must be linked with the bank account number. The specified amount will be deducted from the account and tokens with the face value of Rs. 5/-, Rs. 10/- and Rs. 20/- will be dispensed accordingly.
- Use the tokens for purchase from the Rythu Bazaar. The left-over tokens (if any) can be given back to the IDFC counter and the amount (in Rs.) equal to the face value of the same will be re-deposited automatically to the bank account.
For those customers who do not have a bank account, the IDFC representatives can open new bank accounts on the spot.
Marketing Minister Shri T. Harish Rao, who launched the initiative, said the new system would help overcome the cash crunch being faced by small traders, farmers and consumers in vegetable markets.
Health Minister Shri C. Laxma Reddy has requested the IDFC to start their counters at government hospitals immediately.
The government is interested in introducing this initiative at various places in Telangana to help businessmen, contractors and others to pay daily wagers, labourers and staff for their day-to-day activities.