Inox started cash withdrawal facility for customers


NEW DELHI: With money going away and customers are thinking about spending, the nation's biggest retailers have also started the cash withdrawan facility for customers.

Multiplexes,Tata's Star Bazaar and Shoppers Stop has started the cash withdrawn facility for customers. 

Siddharth Jain, director of Inox Leisure said, “446-screen multiplex chain has worked on its back-end to make the cash withdrawal facility available to people. Around 1.5-2 lakh people walk into Inox multiplexes every day.”

"By Friday, 17 Inox properties will have this facility. Over the weekend, we will roll it out across rest of our 89 properties. Inox operates 113 multiplexes spread over 57 cities in India.” He added.

A Future Group spokesperson said, "We had over 50,000 transactions at our stores in one day," he said. "But we have enough liquidity to provide the facility to around 2 lakh consumers per day. Instead of lining up at ATMs, consumers can now visit a Big Bazaar or an FBB hypermarket or an Inox multiplex, swipe their debitATM cards, enter their PIN numbers and withdraw up to Rs 2,000 from their accounts.” He added.

"This is good move by retailers to drive footfalls and fuel incremental sales," said Arvind Singhal, founder and chairman of retail consultancy Technopak.

 "Consumers, who may not have been in the mood to shop, may walk into a store to withdraw cash and end up buying something. But in the current scheme of things, I don't expect it to create a significant impact on easing the liquidity crunch." He added.