New Delhi: State Bank of India (SBI) has come up with an alternate and convenient method of cash withdrawal for its customers.
The bank has said that it is now providing facilities of cash through ‘Cash@POS’ initiative. Under this, the debit card holders of SBI and all other banks can withdraw cash from PoS machines installed by SBI across various merchant locations.
The bank has said that a customer can withdraw Rs 1000 in Tier I and Tier II cities whereas Rs 2000 can be withdrawn in Tier 3 to Tier 6 cities per day per card. Presently, the bank will not be charging any fees for these withdrawals. 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.
PoS or point of sale machines look like cash registers and perform many of the same functions. However, they can also process check payments, discounts and special offers and other customer transactions. To complete a transaction using the PoS terminal, a customer needs to enter a card PIN.
Earlier, SBI Chairman Rajnish Kumar had said that the problem of cash crunch will soon be resolved. Kumar had said that there are certain areas where there is a problem with the running of ATMs and availability of cash of particular denomination.