Recently a leading public sector bank of India has allowed withdrawal

Recently a leading public sector bank of India has allowed withdrawal of upto Rs. 1000 from any shop/trader with a point-of-sale (PoS) terminal. Identify the bank from below :

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Bank of Maharashtra

Punjab National Bank

State Bank of India

Bank of Baroda

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This question was previously asked in

UPSC CAPF – 2014

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In late 2013 and early 2014, State Bank of India (SBI) launched a pilot project allowing cash withdrawals of up to Rs 1000 at Point-of-Sale (PoS) terminals located at merchant outlets. This initiative aimed to extend basic banking services to areas with limited ATM penetration and promote the use of debit cards. While other banks might have explored similar options, SBI was a prominent public sector bank that initiated this specific service around that time.

– Initiative: Allowing cash withdrawal at PoS terminals in shops.
– Amount limit: Up to Rs 1000 (at the time).
– Bank involved: State Bank of India (SBI).
– Purpose: Enhance financial inclusion, increase card usage, provide cash access in underserved areas.

The service was often branded as ‘Cash@POS’. It was introduced by various banks and the National Payments Corporation of India (NPCI) to leverage the existing network of PoS terminals for providing cash, especially in semi-urban and rural areas where ATMs were scarce. RBI guidelines regulate such withdrawals.

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