In the view of unusual spurt in demand for currency across the country, country’s largest lender, State Bank of India, is providing facilities of cash through ‘Cash@POS’ initiative.
Debit card holders of SBI and all other banks can withdraw cash from point of sale (PoS) machines installed by SBI across various merchant locations.
As per the RBI guidelines, customer can withdraw Rs 1,000 in tier I and tier II cities whereas Rs 2,000 can be withdrawn in tier 3 to tier 6 cities per day per card. Presently, the bank will not be charging any fees.
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.
Meanwhile, government has launched an investigation into the suspected hoarding of Rs 2,000 notes and recent spike in cash withdrawals.
Even the Reserve Bank of India clarified that there is sufficient cash in the central banks vaults and currency chests.
First Published: Apr 19, 2018 4:03 PM IST
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