Bank of Maharashtra has made Malangaon village in the state completely cashless by opening Aadhaar-linked bank accounts for its residents. The public sector bank was an effort post demonetisation to make the village in Sangli go completely digital.
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 grapes. 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.
