Haveri: Chilli Byadagi Market, one of the largest in Asia, adopted digital payments to farmers in 2010.
Now, 99% of transactions here digital and, only 1% of people make transactions in the currency.
Digital payments are beneficial for farmers and buyer agents and commissions.
The Agricultural Products Market Committee (APMC) has noted that it is very difficult to monitor currency transactions because the market has a transaction with Rs 2,000 crore tones per year.
After demonetization in November 2016, the Prime Minister urged the nation to encourage digital payments.
However, APMC Byadagi has adopted digital payments much earlier with the help of traders, commission agents and farmers.
“It is very difficult to transact only in currency, because the market will need RS 20-30 crore currency records every day.
The market has a turnover of more than Rs 2,000 core per year and so it is difficult to regulate currency notes to bankers too.
So, all Traders, commission agents and farmers have adopted digital payments in the Chilli market, “Claim Secretary APMC Byadigi Adappa.
The Secretary of the Association of Traders Raju Morigeri said, “We have sent money directly to farmer accounts through RTGS after their products are sold on the market.
This helps farmers also because some of them come from different countries and it is difficult to bring cash.
It is also difficult to organize the eyes money for every day of the market if we transact in a hard currency.
Only 15 of our transactions with cash and they are for transportation and costs and costs.
“” I have visited the Chilli Byadigi market for the past eight years, and I have never received cash because of It is very difficult to bring it while traveling.
The commission agent sends money directly to my account, “said Sriram Pattadamalli, a farmer from the groove.
Village in the Anantapur District Andhra Pradesh.