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Demonetisation: People visit Outlets of Supermarket Chain Big Bazaar to Withdraw Cash in India

Customers at the Big Bazaar said they were relieved to find such innovative way of cash withdrawal

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Big Bazar. Wikimedia
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New Delhi, November 24, 2016 : People visited the outlets of supermarket chain Big Bazaar on Thursday to withdraw cash. They said it was quite convenient than standing in queues outside bank offices and at ATM kiosks for hours.

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Thursday was the first day of cash withdrawal facility from Big Bazaar after such a provision was announced on Wednesday by the Future Retail firm at its 258 Big Bazaar and FBB stores in over 115 cities and towns across the country.

[bctt tweet=”SBI helped Big Bazaar activate this facility through the bank’s cash at point of sale (POS) machines.” username=””]

The State Bank of India (SBI) helped Big Bazaar activate this facility through the bank’s cash at point of sale (POS) machines.

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“We have two dedicated card swiping machines for cash withdrawal. Only one transaction is allowed per person and we are giving only Rs 2,000 per transaction. There was rush in the morning but it thinned out in the afternoon,” said a staff member.

Customers at the Big Bazaar said they were relieved to find such innovative way of cash withdrawal.

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“I had refrained from going to ATMs and banks so far due to the rush and long queues there. I could withdraw cash here very easily today. This service should be extended at all such kind of stores,” said Sandeep Kaushik, who visited a Big Bazaar outlet on Thursday.

Some, however, faced inconvenience after debit cards of certain banks like HDFC, ICICI, Punjab National Bank were not accepted by the system. (IANS)

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  • Surya

    well done after 30 december give cashback upto 2000 only those who swipe
    debit card to make purchase and also additionally want cash back

Next Story

Biggest Bank Frauds Which Shook The Indian Economy

India has seen some of the biggest bank frauds in past few years which has damaged its economy

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Punjab National Bank is facing many setbacks from early this year Wikimedia Commons
ED seizes Nirav Modi's valuables. Wikimedia Commons

By Ruchika Verma

  • Indian economic system has many loopholes and many citizens are aware of how to use them to their advantage
  • India has seen some of the biggest bank frauds in past few years which has damaged its economy
  • Money scams and bank frauds are becoming very common and it is now high-time that government do something about them

Every year India witness some of the biggest bank frauds which impact its Economy like a boulder. According to IIM-Bangalore, India lost Rs. 22,743 crores because of bank frauds between 2012 and 2016.

Indian Banks suffer heavy losses due to frauds every year.
Indian Banks suffer heavy losses due to frauds every year. Wikimedia Commons

Likes of Vijay Mallya, Harshad Mehta and the recent addition, Nirav Modi have basically robbed Indian banks and Indian economy of several crores of rupees. Here is the list of biggest bank frauds in India which shook the economy and population in recent years.

S.K. Jain Fraud 

In 2014, the chairman of the Syndicate Bank was suspended for increasing the credit limit of some companies for the bribe of Rs. 50 Lakhs. SK Jain was one of the youngest CMD of the Syndicate Bank, this money fraud by him was done just after a year of being appointed as the CMD of the bank. Syndicate Bank’s share prices suffered heavy losses after the fraud was revealed.

Harshad Mehta Scam 

While talking about any money scam or bank scam, Harshad Mehta is the first name which comes to the mind of many. Harshad Mehta was a clever share broker who knew loopholes in Indian economy too well. The case dates back to the 90s in which this fraud worth INR 4000 crores came into the light. Stock Market crashed after this scam was revealed, in which fake BRs were used to get money out of various banks and manipulate the share price of companies.

Harshad Mehta was a brilliant man who misused his brilliance into committing one of the biggest bank frauds in the history of india. Wikimedia Commons
Harshad Mehta was a brilliant man who misused his brilliance into committing one of the biggest bank frauds in the history of India. Wikimedia Commons

Bipin Vohra Fraud 

In 2014, CBI filed a cased against the Kolkata-based industrialist Bipin Vohra and his other colleagues for allegedly cheating Central Bank of India. Bipin Vohra obtained a loan of Rs 139.05 crore using fake documents. Not only that, but he also used the money for purposes which weren’t stated while applying for the loan. Bipin Vohra lost a lot of his acquisitions due to this bank fraud of his.

Also Read: National Herald Scam: Everything You Need To Know

 

Vijaya Mallya Fraud 

One of the most recent Indian offenders, the UB group and Kingfisher Airlines owner has a debt of over INR 9000 crores which he has to pay back to various banks. He fled to London to escape the payments and penalisation, even after coming back, he hasn’t paid back anything as of yet. He was declared offender by the Union Bank Of India after which SBI and PNB followed suit.

Vijay Mallya is one of the biggest india offenders with dues pending worth INR 9,000 crores. Wikimedia Commons
Vijay Mallya is one of the biggest India offenders with dues pending worth INR 9,000 crores. Wikimedia Commons

Nilesh Parekh Fraud

Nilesh Parekh committed a fraud of Rs. 2,223 crores by cheating 25 banks which were under the State Bank Of India. Parekh was the promoter of Kolkata-based, Shree Ganesh Jeweller, he committed the fraud by diverting the loan money and he also shelled companies in other countries like Hong Kong, UAE and Singapore.

Also Read: Punjab National Bank detects $1.8 bn fraud at a Mumbai branch, Links to Nirav Modi

Jain Infraprojects Fraud

Another famous bank scam was the fraud done by the employees of Jain Infraprojects in collaboration with the Deputy General Manager of the Central Bank Of India. This bank fraud was done by diverting the funds for the purposes that weren’t mentioned in papers. This bank scam resulted in a loss of INR 212.30 crores for the bank.

Punjab National Bank's Mumbai branch is now under high scrutiny. Wikimedia Commons
Punjab National Bank’s Mumbai branch experienced one of the biggest bank frauds courtesy to Nirav Modi. Wikimedia Commons

Nirav Modi’s Fraud

The latest addition to the list, this one if one of the biggest bank frauds in India. The diamond merchant Nirav Modi committed a fraud of INR 11,450 crores with the Punjab National Bank. Modi used old LoU (letter of undertaking) issued to him by PNB, which were recycled and illegally issued to borrow money from other banks. He is also accused of committing a money fraud of Rs. 3000 crores with 17 other banks.