Cash Withdrawal at point of Sale (POS) - UCBs - ଆରବିଆଇ - Reserve Bank of India
Cash Withdrawal at point of Sale (POS) - UCBs
RBI/ 2009-10/179 October 5, 2009 The Chief Executive Officer Dear Sir, Cash Withdrawal at point of Sale (POS) - UCBs Please refer to our circular no. 6/09.18.300/2007-08 dated July 13, 2007 on ‘Guidelines for issue of ATM-cum-Debit Cards by UCBs’. Presently cash withdrawal facility using plastic cards is available only at ATMs. The number of ATMs and POS terminals in the country and the use of debit cards at 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 to all debit cards issued in India, upto Rs. 1000/- per day. 2. The conditions subject to which this facility is being extended are given in the Annex. 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 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, (A. K. Khound) Annex Conditions for ‘Cash withdrawal at Point of Sale (POS)’
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