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minimum i.e 1% of the cash withdrawn with a minimum of Rs7.50/-.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.
