Cashless society is must for country’s speedy development: Malaiya


Madhya Pradesh finance minister Jayant Malaiya on Tuesday said a cashless society is a must for the country’s speedy development.

The minister was speaking at Bhopal district’s Badhjhiri, the first village in the state to go digital.

Malaiya said Prime Minister Narendra Modi’s decision to scrap the ₹500 and ₹1000 banknotes had eliminated black money from the economy. “People will face difficulties for a short time but there will be no lack of funds for welfare schemes in future,” he said.
He presented smart phones to villagers and computer to the sarpanch of the gram panchayat. Malaiya also purchased rice from a grocery shop at the village by swiping his card at the point-of-sale machine in the store.

“Today the village is completely transformed into a digital and cashless village. Selected villages in Indore and Jabalpur region are also being made cashless and digital,” Bank of Baroda general manager Rajendra Kumar said.

Officials said bank accounts of over 2,000 villagers have been opened and debit cards have been issued. Also POS machines have been installed in shops at the village. An ATM, passbook printer and cash deposit machine, Wi-Fi and a customer service centre have also been set up in the village. Furthermore, a loan up to ₹10,000 is being provided to the farmers to purchase smartphones.