Which bank has allowed depositors to withdraw cash from its Point of Sale (PoS) devices?a)Punjab National Bankb)Bank of Indiac)State Bank of Indiad)Bank of BarodaCorrect answer is option 'C'. Can you explain this answer?

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Current Affairs Exam > Current Affairs Questions > Which bank has allowed depositors to withdraw...

Which bank has allowed depositors to withdraw cash from its Point of Sale (PoS) devices?

a)
Punjab National Bank
b)
Bank of India
c)
State Bank of India
d)
Bank of Baroda

Correct answer is option 'C'. Can you explain this answer?

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Which bank has allowed depositors to withdraw cash from its Point of S...

In a bid to ease the cash crunch, the State Bank of India (SBI) has decided to allow depositors to withdraw cash from its Point of Sale (PoS) devices available with merchants. This "Cash@POS" facility will be available for customers of all banks and can be used in about 80% of SBI's PoS devices across the country. According to guidelines issued by the Reserve Bank of India, Customer can use SBI & any other bank debit card to withdraw cash up to Rs 1,000 in Tier 3 to 6 & up to Rs 1,000 in Tier 1 & 2 cities per card per day. Presently, the bank will not be charging any fees for these withdrawals.

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In Ladakh, Cooperative Banking Service with Micro ATMs where both deposition and withdrawal of cash can be availed by the users will be introduced in far-flung areas. Micro ATMs are card swipe machines through which banks can remotely connect to their core banking system. This machine comes with a fingerprint scanner attached to it. In other words, micro ATMs are handheld point of sale terminals used to disburse cash in remote locations where bank branches cannot reach. Micro ATMs are similar to point of sale (PoS) terminals and are a doorstep mobile banking arrangement cum-mobile ATM device. Bank will assign a correspondent who will sign up customers in remote areas after verifying their identity (fingerprint can be used as an authentication tool for rural peopl e). The fingerprint and personal details may also be linked to the Aadhaar Card, which will then serve as the ID proof required to withdraw money.Background: In the aftermanth of demonetisation event, Government of India introduced micro ATMs to ensure people can withdraw money.Advantages The cost of deployment of a micro ATM is lesser than that of an ordinary ATM. ATMs need at least 80-100 transactions a day to be viable as they costs several lakhs. A micro ATM costs less than Rs 20,000. It is portable Micro ATM has connectivity through GSM, hence it can travel from village to villageDisadvantages: Micro ATM cannot provide anytime money. Hence if the bank correspondent is unavailable or the shop keeper has shut his shop, the account holder will not be able to undertake any financial transaction. Hence both statements are correct.

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With reference to the Pradhan Mantri Jan Dhan Yojana (PMJDY), consider the following statements:1. It is a National Mission for Financial Inclusion to ensure access to financial services.2. It allows the account holders to withdraw money in the form of a short-term loan.3. There has been a continuous increase in the percentage of operative accounts under PMJDY.Which of the statements given above is/are correct?

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Which bank has allowed depositors to withdraw cash from its Point of Sale (PoS) devices?a)Punjab National Bankb)Bank of Indiac)State Bank of Indiad)Bank of BarodaCorrect answer is option 'C'. Can you explain this answer?

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