INSUBCONTINENT EXCLUSIVE:
State Bank of India (SBI) boasts of over 4.78 lakh PoS (points of sale).
The State Bank of India (SBI) urged
its customers, via a tweet on Sunday, to use their SBI debit cards to withdraw as much as upto Rs 2,000 in tier 3-6 cities at any of its POS
However, in tier 1 and 2 cities, the customers are allowed to withdraw upto Rs 1,000 at SBI's PoS
The facility is available for no extra cost
They are electronic devices used to process card payments at retail locations.The list of SBI's petrol pump PoS can be found here, while the
other PoS locations of SBI can be searched here.The recent cash crunch reminded the citizens of the demonetization that was introduced on
November 8, 2016 by PM Modi, outlawing Rs 500, Rs 1,000 currency notes worth 86% of the total currency in circulation then.: SBI's Free Of
Charge PoS Machines: Withdrawal Limits And Other Features Explained HereIn reference to the last week's cash shortage, Union finance
minister Arun Jaitley on April 17 had tweeted that the situation was temporary while the SBI chairman Rajnish Kumar said that the situation
Pradesh, Madhya Pradesh and Telangana, where cash crunch stemmed from the onset of procurement season.Last week, an SBI research report had
suggested that the cash crunch can be a superficial phenomenon.:Currency Shortage Could Be Superficial, Says SBI ReportThe quarterly growth
in Q4 FY18 shows that from the average growth of 4.4 per cent of 5 years from FY12- FY16, the growth has shot up to 8 per cent."This is
despite the fact that economy had achieved remonetisation and digital modes have also gained traction in a big way
On a monthly basis, incremental pace in currency in circulation is three times higher in first quarter 2018, compared with first quarter of
the five previous years (FY12-16)
Hence there is indeed some unusual trends in 2018," the report said.
