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Amid PM Modi’s Demonetization Move, Gods come to Rescue the Banks in Andhra Pradesh

Many temples are coming forward to the rescue of banks which have been struggling to meet the needs of the public

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Hundi in a Temple in India, Wikimedia
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Andhra Pradesh, Nov 20, 2016: Several temples in Srikakulam district are depositing hundi collections in banks to help with the hardship of small currency in the wake of Demonetization. From Major to Minor, many temples are coming forward to the rescue of banks which have been struggling to meet the needs of the public.

Under the guidance of N. Chandrababu Naidu, Chief Minister of Andhra Pradesh- the administration of Srikakulam has suggested that all the temples should deposit their hundi collections in the banks where they have accounts, mentioned The Hindu report.

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Sri Suryanarayana Swamy Temple present at Arasavalli collects around Rs. 15 Lakh/month through the Hundi offerings. Other major temple named Sri Kurmam collects approximately Rs. 5 Lakhs, mentioned The Hindu.  About 100 temples such as Sri Mukha Lingam, Endla Mallikarjuna at Ravivlasa, Shiva Balaji, Koteswara Alayam, Vinayaka Panchayatana, Uma Rudra and others gave an assurance to deposit hundi collections as they receive offerings in smaller denominations of Rs. 100, Rs. 50, Rs.20, Rs. 10 and coins

Lakshmi Narasimhan, Collector at Srikukalam told The Hindu, “We directed the Endowment Department to take necessary steps immediately to count the hundi collection and deposit the amount in banks. It certainly eases the stress on the bankers who could not give notes of smaller denominations.” He further added, “We asked the government to provide Rs. 50 and Rs. 100 notes worth of Rs. 100 crore to Srikakulam district. We hope the RBI and departments concerned will respond positively.”

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A POS Machine, Wikimedia
A POS Machine, Wikimedia

Point of Sale (POS) Machines-

Along with this officials have taken steps to keep POS machines in public places such as petrol outlets, Rythu Bazaars, RTC bus-stands and several other places to provide cash to people. POS machines work like ATMs at the public places. User charges will not be collected till December 30, 2016, from the customers who withdraw money from POS machines.

– prepared by Chesta Ahuja, NewsGram.  Twitter: @ahuja_chesta

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Copyright 2016 NewsGram

  • Diksha Arya

    What a great initiation….

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BHIM app: All about going Cashless

The BHIM app was developed by NPCI on 30th December 2016 and later launched by PM Narendra Modi.

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BHIM app works across all bank accounts. Wikimedia commons
BHIM app works across all bank accounts. Wikimedia commons

The act of demonetization by the government last year had simply made us stand on our heels. People were fighting their way out in the absence of hard cash and thus made us oblige to the digital platform.

BHIM app is one of the various digital money transfer app (application) which uses UPI (Unified Payments Interface). The app was developed by NPCI on 30th December 2016 and later launched by PM Narendra Modi. It aims towards bringing Financial inclusion and making us a digitally empowered society.

BHIM app is backed by the Government of India making it a more reliable cashless payment option (unlike PayTM). Pixabay
BHIM app is backed by the Government of India making it a more reliable cashless payment option (unlike PayTM). Pixabay

Here, we will help you to walk through the procedure involved in the better use of BHIM app.

How to download BHIM app

  • You can download and install BHIM from Google play store for Android and Apple store for IOS.
  • Select whichever language you prefer.
  • Select the mobile number which is registered with your bank.
  • Set a 4 digit password to log in.
  • Link a bank account.
  • Now, you need to set a UPI pin by providing the expiry date and last six digits of your debit card.
  • Your account is now registered and you are ready to go cashless.How to use BHIM without internet
  • You can dial *99# from your phone and you will be able to avail the same features of BHIM on your mobile.
  • *99# can also be used to register for BHIM.
BHIM app has three level authentication including device ID or mobile number, bank account and UPI pin, which makes it the most secure option. Pixabay
BHIM app has three level authentication including device ID or mobile number, bank account and UPI pin, which makes it the most secure option. Pixabay

Features of BHIM app

Send Money
With this feature, you can send money by scanning a QR code, combination of Account Number and IFSC by using Virtual Payment Address (VPA).

Request Money
This feature allows you to send a collect request by entering VPA. Also, through BHIM, you can transfer money using a Mobile that is registered with BHIM or *99#.

Scan and Pay
This feature allows you to pay by scanning the QR code.

Transactions
This one will show your transaction history. It shows pending UPI collection request, so you can approve or reject payments. Also, there is an option to report if a user wants to raise any complaint.

Profile
This option will help you to view the static QR code and Payment addresses that are created. The QR can be downloaded and also be shared through WhatsApp or Email.

Bank Account
This feature enables you to check the bank account (which is linked to BHIM). You can set or change your UPI pin or the bank account linked with BHIM App by clicking on ‘Change Account’. You can also check your account balance using this feature.

BHIM is not a wallet. It is a payments application which allows users to make instant bank transfers. Pixabay

Why should you use the BHIM app?

  • It works across all bank accounts.
  • You can access it without internet.
  • BHIM is backed by the Government of India making it a more reliable cashless payment option (unlike PayTM).
  • It has three level authentication including device ID or mobile number, bank account and UPI pin, which makes it the most secure option.
  • All in all, BHIM has turned out to be the safest and most reliable cashless payment option against competitors like Paytm.