Since Indian Prime Minister Narendra Modi made the snap announcement of 500 and 1000 rupee notes of becoming invalid, there aroused a series of chaos among the public in exchanging their old currencies or withdrawing money from ATM.
Although the government and Reserve Bank of India have introduced an array of measures to ease the liquidity crunch following this announcement, the country is still trying to come to grips.
The long exhaustive queues at banks and ATMs are making people go berserk with some of the ATMS running out of cash. Amid these crises, employers have come up with beneficial moves to overcome this currency crunch as reported by ET. Let’s have a look:
The E-commerce giant Flipkart which is based in Bengaluru has tied up with a bank to set up desks at their office premises where old notes can be exchanged for the new ones, in accordance with RBI guidelines. This facility has been really useful and more than 60% of the employees have benefitted from this.
A Flipkart spokesperson said,
'This provision was also availed by office support staff as they would need it the most”.
The Godrej Group has partnered with ICICI Bank to set up a currency exchange desk at its headquarters in Mumbai. All the employees could swap old notes with valid official identity documents. They also upgraded all the ATMs in the premises making them fully functional to dispense new notes.
Sumit Mitra, head-group human resources and corporate services at Godrej said,
'All the ATMs in our headquarter in Mumbai were recalibrated and replenished with the official currency which has helped our employees ease their tensions of money crisis”.
With their motto “Revolutionizing the way India drinks Chai”, Chaayos is all set to overcome demonetization by encouraging their employees to use smart cards and use digital wallets thus revolutionizing mode of payment. They are also conducting sessions to educate all their staffs to use mobile wallets so that they can use them efficiently.
Ripudaman Gill, head of human resources at Chaayos said,
'All our inhouse cafe transactions have been moved to Paytm”.
The online travel company is lending a big help to its employees by asking them to bill all their travel expenses including tickets to the company so that they do not have to spend anything on their own. Who would not like to spend on travel!!
The global leader in technology is also working in close association with multiple service providers, with most of its ATMs on its campus reformed to dispense new notes. Also, the ATMs are replenished at regular intervals to cater the needs of about 25,000 employees in Bengaluru. They have also started on a zero-cash model at its food courts.
Richard Lobo, head of HR, said,
'We have started a token system in its office premises to reduce time spent standing in ATM queues and are also exploring to install micro-ATMs via certain service providers”.
At Yatra.com employees are allowed to take breaks in between their work especially to go to banks or ATMs. Also, they are giving advance cash to those traveling on work so that they don’t have to spend their own cash.
India’s second largest telecom company is spreading awareness among its employees about its M-Pesa app which enables safe and hassle-free transactions through your mobile.
Vodafone spokesperson said,
'This initiative has been appreciated by all our employees as they have found an alternative to skip long ATM queues. In some offices, we have set up cashout counters to assist employees withdraw cash through M-Pesa”.
Ernst & Young India
One of the biggest audit firms will continue with its mobile ATMS and kiosks across its offices.
Sandeep Kohli, national director of human resources, said,
'This will make sure that a maximum number of our people can benefit from this facility in the office premises”.
So what exactly is your company doing to help you overcome this currency crunch? Share with us your experience.