SBI ‘Cash@POS’ initiative in progress

In the quest to cater to maximum number of people seeking to withdraw money, State Bank of India disclosed that it is providing cash through Point of Sales (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. SBI is looking after every sector and geographies which includes tea gardens, hospitals, trains through ‘Cash@POS’ initiative in order to dispense cash through 741 mobile vans all over the country.

During the time when getting cash from an ATM was proving to be a tall order across the country, State Bank of India has taken the initiative to reach out to the wide spectrum of its’ client base by dispensing cash to the needy.

The Cash@POS (cash at point of sale) on wheels, operated by employees as well as retired employees of the bank have spread out to different places in order to distribute cash of up to Rs 2,000 per person through the swipe of a card on an SBI POS machine.

Apart from this, SBI employees are moving around on foot to reach out to as many customers as possible.

SBI is also providing point of sale (POS) devices speedily to micro vendors like vegetable & fruit vendors, pesticide merchants and fertilizer merchants with the focus on rural and tribal areas of the country. The largest lender of the country has covered bus depots, airports, housing societies, market places, cantonments and others for dispensing cash during this period.

Furthermore, on Sunday, Nov 20, it had also set up a cash-dispensing camp at the ill-fated railway accident site in Pukhrayan in Kanpur Dehat. Even the customers can also draw money at IOCL, HPCL and BPCL petrol pumps by using SBI-enabled POS machines.

Meanwhile, SBI has also launched two mobile ATM units for disbursement of money to the bank customers in Kancheepuram, Chennai and Tiruvallur areas. The mobile services would be positioned at prominent places in order to dispense up to Rs. 2,000 cash. On the inaugural day, around 100 persons, which included customers of both SBI and other banks, utilized the service and withdrew money in the denomination of Rs.100, Rs.50 and Rs.10 at the District Collectorate in about two hours. At least 1,000 customers can withdraw cash from these mobile ATMs per day. The ban would coordinate with the local police to make the disbursement smooth.

As the trading session commenced on 23rd Nov, SBI share price is trading at Rs. 256.50, down by 0.33 per cent. The stock opened at Rs.259.80 against its previous closing at Rs. 257.35.

Dynamic Levels have identified SBI as the top performing stock for this quarter owing to its strong fundamentals.