Now withdraw INR2000 from Point-of-Sale (POS) Terminals
POS terminals come in a wide variety
of sizes for numerous uses. The most common usage of POS terminals is to swipe
the Credit Cards/Debit Cards for CashLess transactions.
In India, since 2009 POS terminals are
enabled for LessCash transactions too. The first notification by Reserve Bank
of India was issued in 2009 permitting cash withdrawals from POS Terminals. Subsequently,
in September 2013 this facility was extended to pre-paid cards issued by the
banks.
This step was introduced by Reserve Bank of
India to:
1) Reduce the pressure on ATMs
2) Reduce the cash deposits by the merchants
in bank accounts
3) Obviate the
need to install ATMs in nook and corner of the country
4) Familiarise Bank customers with electronic
banking
The normal POS terminals did not support
Cash Withdrawals hence the volumes of cash withdrawals through POS terminals
were slow to take off.
Over the years with sustained campaigns by
the banking industry has led to this ‘cash withdrawal’, utility becoming
popular.
However, there are no statistics on public domain
highlighting the number of ‘cash withdrawals’, through POS terminals every
month.
RBI Notification dt RBI/2015-16/164,DPSS.CO.PD.No.449/02.14.003/2015-16
dt.August 27, 2015 highlights the growing popularity of the ‘Cash
withdrawals’, through POS terminals.
Through the above notification:
a) RBI doubles Limits of Cash Withdrawal at
POS for Tier III to VI Centres.
b) The limit for cash withdrawal at
point-of-sale (POS) in Tier III to VI centres is doubled from ₹ 1000/- to ₹ 2000/- per day.
c) This facility will be available for debit
cards and open system prepaid cards issued only by banks.
d) The limit remains unchanged at ₹ 1000/- per day at Tier I and II centres.
This enhancement is envisaged towards enhanced
customer convenience and aid re-cycling of cash in Tier III to VI centres even
as the push towards a less cash society is pursued.
Basing on feedback received, this facility
will be reviewed keeping in view the progress in e-payments and other related
developments.
All merchant establishments where this
facility has been activated should display/indicate clearly the availability of
cash withdrawal along with the charges, if any, payable by the customers.
The facility is available irrespective of
whether the card holder makes a purchase or not. In case the facility is
availed along with the purchase of merchandise, the receipt generated shall
separately indicate the amount of cash withdrawn.
Cardholders must swipe their cards at the
POS and provide PIN for authentication similar to withdrawing cash at an ATM.
Publicity by the participating banks is the
key to enhanced volumes. The Card issuing banks that have enabled this
functionality are encouraged to create sufficient awareness of this facility
amongst their customers.
Comments
Post a Comment