NEW DELHI: In a bid to ease the cash crunch, State Bank of India (SBI) has decided to allow depositors to withdraw cash from its point of sale (PoS) devices available with merchants.
This facility will be available for customers of all banks, and can be used in about 80% of SBI’s PoS devices across the country.
To reach out and facilitate maximum number of people looking for convenient cash withdrawal, the bank has also decided to provide facilities of cash through ‘Cash@POS’ initiative,” SBI said in a release. “Debit card holders of SBI and all other banks can withdraw cash from PoS machines installed by SBI across various merchant locations,” the release added.
According to guidelines issued by the Reserve Bank of India, customers can withdraw up to ₹ 1,000 per day per card in Tier-1 and Tier-2 cities, and ₹ 2,000 per card per day in Tier-3 to Tier-6 cities.
The bank added that it would not charge any fees for this facility at present.
“SBI has a total of 6.08 lakh PoS machines of which 4.78 lakh PoS machines are enabled to dispense cash to the customers of SBI and the banks who have enabled this facility for their customers,” the release added.
A recent report by State Bank of India had estimated the shortfall of currency in circulation at around ₹70,000 crore.