India’s largest ride-hailing service Ola cabs have partnered with State Bank of India (SBI) and Punjab National Bank (PNB) to ease the cash crunch in the country. The company has rolled out the initiative test in the cities of Kolkata and Hyderabad.
In a bid to help the people who are facing problems due to demonetization, the Ola has introduced the POS machines in Kolkata and Hyderabad in its cabs. People were suffering from the cashless situation after 500 and 1000 rupees ban and the rush at banks, and ATMs has also increased.
With banks and ATMs are not able to control the rush for access to lower the demonetization or new currency, the POS machines was introduced at 3700 petrol pumps. In the same way, the Ola has announced its new mobile ATM where taxies with bank officer and POS device will park at different locations to dispense Rs. 2000 per card.
The Chief Operating Officer of Ola, Pranay Jivrajka said that “the initial response has been tremendous and the company was exploring with banks to expand this service to other cities with cash being dispensed on the go rather than a current experiment of cars being parked at a particularly busy point”.
Ola has joined with Punjab National Bank (PNB) in Kolkata, and it has collaborated with Andhra Bank and State Bank of India (SBI) at Hyderabad.
According to the reports, the new Ola service is available in the areas like Chandini Chowk Metro Station, Esplanade Metro, Barabazaar, Salt Lake, Exide and Rashbehari (in Kolkata). And also the popular areas of Hyderabad like KBR Park, Inorbit Mall, and JNTU.
Following the Government move to scrap black money and ban of 500 and 1000 rupee notes, there has long queues at banks and ATMs as the people lined up to draw valid currency.