Posts Tagged ‘cash withdrawal’

RBI allows cash withdrawal from shops

RBI allows cash withdrawal from shops

As use of debit cards has been progressively showing rise, the Reserve Bank of India (RBI) has allowed withdrawal of cash from point-of-sale (PoS) terminals, where customers swipe their credit or debit cards to pay for purchases.

RBI said on Wednesday, that withdrawal of cash of up to Rs 1,000 per day through debit cards was now being permitted.

At present, customers are only allowed to withdraw cash at ATMs. Meanwhile, there are 44,857 ATMs in the country, while the number of PoS terminals at 4,70,237, which is more than 10 times higher.

This facility is available only against debit cards issued in India.

RBI said that customers might utilize the cash withdrawal facility at merchant establishments irrespective of whether they make a purchase or not.

“This facility may be made available at any merchant establishment designated by the bank after a process of due diligence,” the circular said.