It is known that there has been cash crunch in India recently and people are finding it very tough. In order to ease the cash crunch in some parts of India it is now said that people living in smaller towns would be able to withdraw amounts of Rs 2000 in a day from PoS machines of State Bank of India or SBI.
It is important to mention here that at the retail outlets in Tier 1 and Tier 2 cities, the withdrawal limit from PoS machines is Rs 1000 per card per day and Rs 2000 in smaller towns. This is according to RBI guidelines.
According to Mr. Neeraj Vyas, chief operating officer of SBI, the customer could use SBI or nay bank debit card to withdraw cash up to Rs 2000 in Tier 3 to 6 and up to Rs 1000 in Tier 1 and Tier 2 cities per card per day currently without paying any charges.
There are as many as 6.08 lakh PoS machines totally for SBI. Out of these 4.78 lakh PoS machines are enabled to dispense cash to the customers belonging to SBI plus other banks that provides this facility.
In the recent times there were news about ATMs running of money in places such as Telangana, AP, MP, Karnataka, UP and Bihar.
Currency is being transported to places which are facing shortage of money. This issue regarding cash crunch would be solved by 20th April 2018. This has been confirmed by none other than the chairman of SBI, Mr. Rajnish Kumar.
The chairman of SBI later threw light on how the cash crunch issue is not uniform throughout India but present mostly in places like Bihar, Telangana etc. He finally spoke about how this cash crunch issue would be solved because cash is in transition and it would reach the above mentioned states by 19th April evening.