For the first time State Bank of India is providing its customers to withdraw the cash from any near by shop having point-of-sale terminal (POS). SBI has initiated a fresh channel for its customers through which they can withdraw cash up to Rs 1000.
For the customers this is a very helpful and appealing offer since sometimes the need of cash is unavoidable. Most of the shops have POS machines, which will help them in easy money withdrawal. A senior SBI officer reported that this initiative is beneficial for all , a minimal charge of Rs 7.50 will charged from customer, a share of which will be given to the trader. According to the traders it provides them with an extra revenue of nearly Rs 5 per transaction.
Few years back RBI proposed the idea of establishing POS for cash withdrawal. But now with the raising use of POS by customers, the initiative is becoming popular. The number of POS terminals are increasing speedily with ICICI, HDFC, AXIS and SBI bank providing nearly 1 lakh POS terminals.