New Delhi, April 19: In order to ease the plight of its customers affected by the cash crunch in at least seven major states, the State Bank of India announced its 'Cash@PoS' initiative which would allow its customers to withdraw cash upto Rs 2,000 from the point of sale machines.

A total of 4.78 lakh PoS machines have been earmarked across the nation by the SBI which could dispense cash. While the bank customers in Tier I and II cities can withdraw Rs 1,000 on daily basis, those residing in Tier III to VI cities can withdraw Rs 2,000.

"Debit card holders of SBI and all other banks can withdraw cash from PoS machines installed by SBI across various merchant locations. Presently, the bank will not be charging any fees", said the press-statement issued by the bank on Thursday.

The cash crunch struck the states of Maharashtra, Madhya Pradesh, Bihar, Andhra Pradesh, Telangana, Jammu & Kashmir, West Bengal and parts of the Northeast. The situation turned worse on Monday after no cash was reported in several ATMS in the above states.

The crisis was addressed on immediate basis by the Reserve Bank of India, which increased the printing of 500-rupee notes five-fold. According to State Bank of India chief Rajnish Kumar, the crisis will cease to exist by Friday.

(The above story first appeared on LatestLY on Apr 19, 2018 06:41 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).