Bank of Maharashtra in Malangaon has made the entire village go cashless by using Aadhar linked bank accounts.
The bank stated “Post the announcement of demonetization, the push towards a cashless society and financial inclusion became the need of the hour. Bank of Maharashtra has helped achieve this vision in Malangaon with the help of the district collector and several government officials.”
Malangaon, located 3.5 km away from the bank’s Shirdhon branch, has a population of about 4,500 and the main source of income is farming, specifically of grape. Among others, dairy production, kirana and medical stores make up a significant part of the economic activity in the village. The main mode of transaction had been cash based and with demonetisation, payment of labourers, selling and buying produce, paying school fees and day-to-day expenses became a challenge.
The bank educated the villagers on electronic transactions. The Bank Mitra put up flex signboards across the village demonstrating the use of various digital banking modes and platforms, and also went door to door with a pamphlet of this information to ensure that everyone in the village could be educated on the same.