The announcement made by Big Bazaar that its customers could withdraw cash up to Rs 2,000 by using debit cards at all its stores from November 24 came as a pleasant surprise to many, but it also led to the talk that Telugu Desam Party president and Andhra Pradesh chief minister N Chandrababu Naidu must be behind the decision.
It may be mentioned that Big Bazaar is the chain of retail outlets run by Future Group which had recently bought the Heritage Fresh retail chains owned by Naidu and his family.
The Future Group said the customers can withdraw up to Rs 2,000 from their own bank accounts, using their debit/ATM cards at all its shops.
Apparently, the facility is also available with Heritage retail outlets. Since the customers visiting these outlets to draw the cash using debit cards will be forced to do shopping in the same retail outlets, the business will grow by leaps and bounds.
And since Naidu family still owns nearly four per cent stake in the Heritage Fresh, the growth in business will also benefit the family.
It is learnt it was Naidu who had given the idea to Future Group chairman Kishore Biyani and got it approved by the Centre.
Whatever may be the motive behind the move, it will help the currency crisis to some extent, say analysts.
