In the tough time of #Demonetization, banks, and retail outlets are trying to ease the situation for common Indian citizen. On the other hand, some leaders like Mr Arvind Kejriwal, Mamta Banerjee, and Sitaram Yechury are trying to find every possible way to make government, banks and retails outlets look bad in the eyes of the people of India.
History of PoS cash withdrawal in India
In 2009, RBI allowed banks to join hands with retail outlets, petrol pumps etc. so that customers can withdraw cash from these POS. Here POS is Point Of Sale. Many merchants including a number of petrol pumps opted for the facility but not a lot of Indians know about it. After demonetization of Rs.500/- and Rs.1000/- notes, to ease the stress on ATMs and banks, RBI allowed petrol pumps to give cash in exchange of card swipe of the similar amount. The limit was also raised to Rs.2000/- for all POS points. In addition to that, the fees, if any, were levied off.
SBI and Big Bazaar’s efforts
Recently, State Bank of India joined hands with Big Bazaar and issued PoS machines for more than 250 outlets to make it easy for the customers to withdraw cash. This is a good step by both retail outlet and the bank that they are trying to ease the situation. The cash that Big Bazar gets from the customers will be given to those who need cash. Any customer can withdraw Rs.2000/- by with a simple card swipe at any Big Bazar outlet from November 24th, 2016.
The war on #Demonetization has become ugly
Interestingly, the POS cash withdrawal is not something new for the Indian market. It is true that most of the customers are unaware of this. But how is it possible that Mr Kejriwal, Mr Yechury, and their followers do not know about the service at all? How is it possible that they spread the poison against the government without even checking the facts? Mr Kejriwal is asking PM Modi about the deal between Big Bazar and SBI when the government has nothing to do with it. Some of their followers are posting photos of the owner of Big Bazar with Modi and claiming all this is happening because the owner is close to Modi.
This has to be noted that there is no financial gain for Big Bazar in providing this service. It is just an additional headache and nothing else. Instead of praising the effort, the people in the opposition are trying to defame every step taken against the Black Money hoarders. The politics in India is seeing all-time low and it is heartbreaking.