Future Group’s CEO Kishore Biyani, on Thursday, tweeted about the cash being dispensed at the Big Bazaars and said that it was the money spent by the customers being returned to the customers. He said that there was no withdrawal from the bank. Biyani founded the Big Bazar in 2001. On Tuesday, Biyani had tweeted about providing the facility to the Big Bazaar customers and said that people could use their debit cards to withdraw Rs 2,000 from Thursday. He had said that all the customers needed to do were to swipe their cards at the cash counter and take home up to Rs 2,000.
State Bank of India (SBI) has helped Big Bazaar to activate this facility through the bank’s cash at POS (point of sale) machines. It should be kept in mind that the cash withdrawal facility is subject to all applicable restrictions imposed by banks, as per RBI and government notifications from time to time. This facility is currently available at 258 Big Bazaar and FBB stores in over 115 cities and towns all over the country. The issuance starts from Thursday, November 24, 2016.
Cash being dispensed at bigbazaar is the money received from sales of customers being circulated back to customers, no withdrawal from bank
— Kishore Biyani (@kishore_biyani) November 23, 2016
Earlier Biyani had said that they were simply trying to ease the difficulties faced by customers due to the demonetisation but supported the government’s initiative in meeting its objective. Biyani went on to welcome the customers and said that they could visit the stores now that they can withdraw cash there instead of queuing up at the banks and ATMs.