State Bank Of India

State Bank of India (SBI) is planning to install 10 lakh payment card swipe machines (point of sales (PoS) terminals) across the country, which will double the number of places where card payment is accepted. The bank is also launching a huge campaign to promote cash withdrawal of up to Rs 1,000 at these PoS terminals, which will reduce pressure on automated teller machines (ATMs). The bank has asked Reserve Bank of India (RBI) to allow withdrawals of up to Rs 5,000.

Cash-at-PoS would result in a fee to the customer, ranging between Rs 7.5 and Rs 10. But despite the transaction cost, SBI expects customers in smaller cities to use this facility as they would save on the cost of travel.