With cash crunch, people opt for mobile banking

Bathinda, December 5

The demand for PoS (swipe) machines has increased manifold as people are unable to withdraw cash from banks or ATMs, as per their requirement, due to cash crunch.

The long queues outside ATMs and banks seem to be a permanent affair.

Demonetisation has also led to public outrage on roads with a number of protests by people outside banks reported recently.

Due to heated arguments and even manhandling of some officials, banks are demanding security from the state government.

Sandeep Kumar, an official at the State Bank of Patiala branch near SSD Girls College said, “Today, we distributed Rs 6,000 each to all those present in the queue with receipts. Following cash crunch, we too are facing problems. We are trying to manage the crowd. Sometimes people get angry but we convince them about the situation. The demand for PoS machines and that of customers going for mobile banking has increased. It has also increased the workload on the employees. The crowd coming for cash withdrawal has not decreased at all.”

SBoP branch manager at the industrial area branch said, “The charges for PoS machines is 0.65 paisa per Rs 100, which means on transaction of every Rs 10,000 a sum of Rs 65 will be charged by the bank. As in our bank, a large number of customers are labourers, so there is less demand of online banking while educated customers were already having the online banking or mobile banking facility.” — TNS