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To Ease Cash Crunch, SBI Allows Withdrawal of Rs 2,000 From PoS Machines

SBI has a total of 6.08 lakh PoS machines of which 4.78 lakh are enabled to dispense cash to the customers of SBI as well as other banks which offer this facility.

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Updated:April 19, 2018, 4:56 PM IST
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To Ease Cash Crunch, SBI Allows Withdrawal of Rs 2,000 From PoS Machines
Image for representation only. (Reuters)
New Delhi: The State Bank of India on Thursday said people in smaller towns can withdraw up to Rs 2,000 a day from its PoS machines at retail outlets free of charges, a move aimed at easing cash crunch in some parts of the country.

As per the RBI guidelines, the withdrawal limit from PoS machines at retail outlets in Tier 1 and 2 cities per card per day is Rs 1,000 and Rs 2,000 for smaller towns. "For withdrawals up to Rs 2000, @TheOfficialSBI has cash@POS facility @ 4.78 lac POS machines.”

"Customer can use SBI & any other bank debit card to withdraw cash up to Rs 1,000 in Tier 3 to 6 & up to Rs 1,000 in Tier 1 & 2 cities per card per day presently without any charges," said Neeraj Vyas, DMD (chief operating officer) of SBI in a tweet.

SBI has a total of 6.08 lakh PoS machines of which 4.78 lakh are enabled to dispense cash to the customers of SBI as well as other banks which offer this facility. There have been reports of ATMs running dry from Andhra Pradesh, Telengana, Karnataka, Madhya Pradesh, Uttar Pradesh and Bihar.

While talking to reporters here this morning, SBI Chairman Rajnish Kumar said the problem of cash crunch being faced in some states will be resolved by tomorrow as currency is being transported to areas which are facing the shortage.

"It is not a uniform cash crunch problem. It is there in geographies like Telangana and Bihar. We are hoping that the problem will be resolved by tomorrow because cash is in transition and it is reaching these states by today evening," Kumar said.

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| Edited by: Aakarshuk Sarna
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