SBI pumps money in POS devices as cash pipeline dries-up

Seeking to reach out to maximum number of people looking to withdraw money, State Bank of India on Tuesday said it is providing cash through POS machines including in tea gardens, hospitals and trains.

The move follows huge rush at banks and ATMs following the ban on old high-value notes of Rs 500 and Rs 1000.

In a statement, SBI said it is catering to every sector and geographies including tea gardens, hospitals, trains through 'Cash@POS' initiative to dispense cash through 741 mobile vans across the country.

"At a time when getting cash from an ATM was proving to be a tall order across the country, State Bank of India has taken the lead in reaching out to the wide spectrum of its' client base by dispensing cash to the needy," it said.

The Cash@POS (cash at point of sale) on wheels, manned by employees as well as retired employees of the bank have spread out to various locations to dispense cash of up to Rs 2,000 per person through the swipe of a card on an SBI POS machine, the bank said.

Besides, SBI employees are moving around on foot to reach out to as many customer segments including individuals, shops and corporates.

SBI is also providing point of sale (POS) devices speedily to micro vendors like vegetable & fruit vendors, pesticide merchants, fertiliser merchants with the focus on rural and tribal areas of the country.

The country's largest lender said it has covered bus depots, airports, mandis, housing societies, market places, cantonments and others for dispensing cash during this period.

It also set up a cash-dispensing camp on Sunday, November 20 at the ill-fated railway accident site in Pukhrayan in Kanpur Dehat.

Customers can also draw money at IOCL, HPCL and BPCL petrol pumps by using SBI-enabled POS machines.