Safe ePayment Booster 1 – State Bank of India’s Chhota ATM

            To our luck, Reserve Bank of India has had very futuristic plans to migrate from a Cash society to LessCash society.

            One of the major directions in this regard was issued in 2009, wherein RBI permitted Banks to offer the ‘Cash Withdrawal at Point-of-Sale (POS)’.

            Further impetus was added in September 2013, when RBI permitted ‘Cash withdrawal at Point of Sale (POS) - Prepaid Payment Instruments issued by banks’.

            In mid 2013, State Bank of India started rolling out cash withdrawal at its POS machines. Buoyed by its success, in 2014, it has taken the campaign to a new level.

            It has branded its POS terminals as Chhota ATM. Chhota means SMALL and the word Chhota ATM is simple to understand too.

            The charges have been kept to the minimum i.e 1% of the cash withdrawn with a minimum of Rs7.50/-. The merchant gains Rs5/- for every cash withdrawal made at his/her POS terminal.

            Apart from the service fee, the bonus is the shopping done by the customers. Spur of the moment shopping is always beneficial to the shopkeeper.

            Yes, Go Now to your nearest SBI Chhota ATM. SBI is yet to operationalise Chhota ATM locators on its website.