WITHDRAW CASH FROM POINT OF SALE
>> Sunday, August 16, 2009
WITHDRAW CASH FROM POINT OF SALE: "
Good news for all ,Now you can get cash against your Debit card from merchant (shop) where debit card is accepted.so If You have not found an ATM or ATM situated at a far place then go to merchant(point of sales) near to your place and collect cash against your Debit card.RBI has allowed to withdraw cash from POS(point of sale ) up to 1000 rs through Debit card.Further you can take cash from POS ,irrespective whether you have purchased any thing from shop or not.The condition to start service for Cash withdrawal from point of sale (for Banks)are
1. This facility is available only against debit cards issued in India.2. The maximum amount that can be withdrawn at POS terminals is fixed at Rs.1000/- per day.
3. This facility may be made available at any merchant establishment designated by the bank after a process of due diligence.
4. The facility is available irrespective of whether the card holder makes a purchase or not.
5. In case the facility is being availed along with the purchase of merchandise, the receipt generated shall separately indicate the amount of cash withdrawn.
6. Banks offering this facility shall put in place a proper customer redressal mechanism. Complaints in this regard will fall within the ambit of the Banking Ombudsman Scheme.
7. Banks offering this facility shall on approval by their respective Boards obtain one time permission of Reserve Bank of India, Department of Banking Operations and Development under Section 23 of the Banking Regulation Act, 1949. (A copy of the Board note / approval may be enclosed.)
Main circular
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RBI/2009-10/105
DPSS.CO.PD.No. 147/02.14.003/ 2009-10
DPSS.CO.PD.No. 147/02.14.003/ 2009-10
22nd July 2009
To
All System Providers (VISA / MasterCard / American Express),All Scheduled Commercial banks
Dear Sir,
Cash Withdrawal at Point-of-Sale (POS)
Presently cash withdrawal facility using plastic cards is available only at Automatic Teller Machines (ATMs). As on May 31, 2009, number of ATMs and POS terminals in the country stood at 44,857 and 4,70,237 respectively. The use of debit cards at Point-of-Sale (POS) terminals at different merchant establishments has been steadily increasing. As a further step towards enhancing the customer convenience in using the plastic money, it has been decided to permit cash withdrawals at POS terminals. To start with, this facility will be available for all debit cards issued in India, upto Rs.1000/- per day.
2. The conditions subject to which this facility is being extended is given in the annex(given above)
3. Banks may obtain the approval of their Board of Directors for offering this facility. The note put up to the Board should incorporate the product profile, risk perceived by the bank and the risk mitigation measures.
4. This circular is being issued in exercise of the powers conferred on the Reserve Bank under Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
Yours faithfully
(G.Padmanabhan)
Chief General Manager
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So approval has been given by RBI but this facility will take few weeks to operationalise as bank have to take approval from their Board as well as from RBI .Further due diligence of merchant where facility is to be provided and change in swap machines software is also required .Even though amount allowed is too low yet it will be a good experience for customers.
3. Banks may obtain the approval of their Board of Directors for offering this facility. The note put up to the Board should incorporate the product profile, risk perceived by the bank and the risk mitigation measures.
4. This circular is being issued in exercise of the powers conferred on the Reserve Bank under Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
Yours faithfully
(G.Padmanabhan)
Chief General Manager
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So approval has been given by RBI but this facility will take few weeks to operationalise as bank have to take approval from their Board as well as from RBI .Further due diligence of merchant where facility is to be provided and change in swap machines software is also required .Even though amount allowed is too low yet it will be a good experience for customers.
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