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Features-Corporate News
IDBI Bank's Cash at POS
facility
New Delhi, 24
March, 2011
| IDBI Bank Ltd. today
launched the Cash at POS facility at the Reliance Trendz
store situated at Bandra, Mumbai. IDBI Bank is amongst the
first few banks to launch this facility.
The facility would enable debit card holders of any bank in
India to withdraw cash of upto Rs.1000 per day at designated
merchant establishments by swiping their debit cards on the
Point of Sale (POS) terminals.
The facility can be availed of either
as a pure cash withdrawal or alongwith purchase of goods &
services. The merchant establishment will not levy any charges
for dispensing cash. IDBI Bank has decided to offer this
facility free of charge to its debit card holders.
So far, debit card holders in India were able to withdraw cash
only from ATMs. RBI has since permitted banks to offer their
debit card holders the facility of withdrawing cash of upto
Rs.1000 per day by swiping their debit cards at POS terminals.
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The Cash at POS facility provides an
additional and convenient channel for withdrawing cash from
one's bank account. With the penetration of POS terminals in
the country being much higher than that of ATMs (more than 5
lakh POS terminals vis-à-vis about 70,000 ATMs), this facility
is also expected to substantially increase the access points
for cash withdrawals.
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