India’s largest bank, the State Bank of India has come up with a new initiative, under which debit card holders will be able to withdraw up to Rs 1,000 from any shop or trader with a point of sale terminal, a new report said.

The State Bank will levy a fee of Rs 7.50 per transaction out of which the trader will be paid a small fee, said the report.

A trader will be paid Rs 5 per transaction. The government owned bank, has over 14 cr debit card holders and nearly 1 lakh point of sale terminals. The Reserve Bank of India (India’s central bank) had mooted the idea 2 years ago under the financial inclusion scheme.

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