Cash Shortage: SBI Tells Customers To Use PoS To Withdraw Upto 2,000 Rupees
SBI has over 4.78 lakh PoS (points of sale) Last week, reports of cash shortage had surfaced from various states Arun Jaitley said that the cash shortage situation is temporary
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 (point of sale) centres. 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. The largest lender has over 4.78 lakh PoS (points of sale). PoS machines are installed with various vendors. 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.
Also Read: SBI's Free Of Charge PoS Machines: Withdrawal Limits And Other Features Explained Here
In 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 is not prevalent everywhere but restricted only to a few states that include Karnataka, Maharashtra, Andhra Pradesh, Rajasthan, Uttar 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.
Also Read: Currency Shortage Could Be Superficial, Says SBI Report
The 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.