INSUBCONTINENT EXCLUSIVE:
State Bank of India (SBI) will not be charging fees for cash withdrawal via PoS machines.
Amid the cash crunch faced by the country, State Bank of India (SBI),
today allowed customers to withdraw money up to Rs 2,000 via Point of Sale (PoS) machines
Cash@POS is a facility using which debit card holders can withdraw cash by swiping their debit/prepaid cards at SBI PoS terminals at
merchant locations, said SBI
As per the guidelines issued by Reserve Bank of India (RBI), customers 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can be withdrawn in Tier 3 to Tier 6 cities per day per card."Debit card holders of SBI and all other banks can withdraw cash from PoS
machines installed by SBI across various merchant locations
Presently, the bank will not be charging any fees", said the state-run bank in a press release.PoS machines are installed with various
They are electronic devices used to process card payments at retail locations.SBI has a total of 6.08 lakh PoS machines of which 4.78 lakh
are enabled to dispense cash.As on December 31, 2017, SBI has a deposit base of Rs
It has 32.16 per cent market share in home loans and 35.54 per cent in auto loans
The bank also has 22,584 branches in the country and ATM network of nearly 59,000 ATMs.On Wednesday, SBI said that the availability of cash
in its network of ATMs had improved in the past 24 hours.Earlier in the day RBI also placed restrictions on the business activities of
Mumbai-based City Co-operative Bank and also said that customers of the co-operative bank will not be allowed to withdraw more than Rs
1,000 per deposit account
City Co-operative Bank will also have to take prior approval from the central bank before it can accept fresh deposits, disburse loans, make
any investment, or borrow funds, the RBI said.
