In a bid to help organisations cope with a dip in productivity at workplace owing to shortage of currency notes, public sector banks such as State Bank of India have started using innovative schemes to dispense cash.
After the announcement of demonetisation, a number of employees of various organisations have reportedly been spending long periods of time for withdrawal of cash at banks and ATMs, causing a dip in productivity at workplace.
SBI has started visiting such premises of organisations, distributing cash in the denomination of Rs.100 to employees. A number of employees of organisations in Chennai have started withdrawing cash using the SBI's new initiative, Cash@POS.
“Looking at the excessive pressure on the ATM in meeting the customers’ demand for cash, SBI has come up with this innovative idea for cash dispensation to people,” said an official of SBI.
In cities such as Chennai, SBI officials have started visiting offices along arterial roads such as Anna Salai and Poonamallee High Road to distribute cash to debit card holders.
“The initiative will reduce the load on banks and ATMs,” said an official. More public sector banks are expected to dispense cash to employees of offices, emulating the initiative of the State Bank of India.
Employees can withdraw cash by swiping their debit cards at SBI POS terminals brought by SBI officials to the office premises. “At present there are no charges and customer can withdraw cash up to Rs. 2,500," said the official.
Under the Cash@POS facility, debit card holders can withdraw cash by swiping their cards issued in India at SBI POS terminals. The facility is activated at select merchant locations and also at the request of the merchant to disburse cash up to a maximum of Rs. 1,000 for each card in a day. More than one lakh merchants in Chennai have already been provided with State Bank Cash Point: Chhota ATM display poster.
Debit cards of all banks ready to support Cash@POS transactions can be swiped for withdrawing cash at the facility. “Currently debit cards of all major banks will be accepted on our POS Terminals for Cash@POS,” said the official.
Public sector banks such as SBI have started using innovative schemes to dispense cash
