India's largest bank, State Bank of India, plans to deploy over 1.25 lakh point-of-sale (POS) terminals in the next 18 months at various merchant outlets and counters at branches across the country. POS terminals help customers carry out cashless transactions at merchant outlets by swiping credit/ debit cards on the POS machine. Further, the terminals also facilitate withdrawal of cash (up to a maximum of Rs 1,000 a day, according to existing RBI guidelines) using debit cards at designated merchant outlets.
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