Point of Sale Cash Withdrawal Limit Should be Raised to Rs 5,000: SBI

Mumbai: State Bank of India (SBI), the country's largest lender, said it has written to the Reserve Bank (RBI) to increase the daily cash withdrawal limit from merchant outlets having point-of-sale (POS) machines to Rs 5,000. Point-of-sale terminals help in carrying out cashless transactions at merchant outlets by swiping credit/ debit cards on the POS machine. Under this cash withdrawal facility, a customer can walk into a m...