Eluru is now raring to set a path breaking idea into practice in order to fight the ongoing cash crunch. The modest city of Andhra Pradesh has come up with an innovative idea that solves cash troubles for citizens while dealing with routine, everyday transactions.
The idea is to battle the ordeals of shortage of petty cash, meaning shorter denomination. As per this strategy, tokens that are worth Rs 50 and Rs 100 are being made available across all Raithu Bazaars. These tokens can be used to make hassle free purchases.
How these tokens work
Basically, people can buy tokens for an amount of Rs 500. These tokens will be valid for three days. In case the citizens are unable to expend all the tokens in the given three days, they can be returned to the Estate Officers of the respective Raithu Bazaars. The officers will in turn deposit the left over balance back into the individual’s account.
The token idea came from the West Godavari district and is soon spreading to all the districts. Telangana is also picking up this practice to fight cash crunch. Officials say that the idea is working out rather well and is of great use to the struggling common man.
SBI’s Special Initiative
State Bank of India is joining hands on the mission and is offering services by opening its counters in all the Raithu Bazaars. The bank will provide change upto Rs 200 via ATM cards.
CM Sri N Chandrababu Naidu is actively pursuing on the request that had been put up to the center to issue smaller denominations totalling Rs 10,000Cr for the sake of people.