RbiSearchHeader

Press escape key to go back

Past Searches

Theme
Theme
Text Size
Text Size
S2

Notification Marquee

RBI Announcements
RBI Announcements

RbiAnnouncementWeb

RBI Announcements
RBI Announcements

Asset Publisher

79084900

Cash Withdrawal at point of Sale (POS) - UCBs

RBI/ 2009-10/179
UBD.CO.BPD.No. 13/09.18.300/2009-10

October  5, 2009

The Chief Executive Officer
All Primary (Urban) Co-operative Banks

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)
Chief General Manager


Annex

Conditions for ‘Cash withdrawal at Point of Sale (POS)’

  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 The maximum amount that can be withdrawn at POS terminals is fixed at Rs. 1000/- per day.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 with the purchase of merchandise, the receipt generated shall separately indicate the amount of cash withdrawal.
  6. Banks offering this facility shall put in place a proper customer redressal mechanism. Complaints in this regard will fall under the Banking Ombudsman Scheme.
  7. Banks offering the facility shall on approval by their respective Boards obtain one time permission of Reserve Bank of India, Urban Banks Department, Regional Office concerned under section 23 of the Banking Regulation Act, !949 (AACS). A copy of the Board note / approval may be enclosed.

RbiTtsCommonUtility

प्ले हो रहा है
వినండి

Related Assets

RBI-Install-RBI-Content-Global

RbiSocialMediaUtility

భారతీయ రిజర్వ్ బ్యాంక్ మొబైల్ అప్లికేషన్‌ను ఇన్‌స్టాల్ చేయండి మరియు తాజా వార్తలకు త్వరిత యాక్సెస్ పొందండి!

Scan Your QR code to Install our app

RbiWasItHelpfulUtility

ఈ పేజీ ఉపయోగకరంగా ఉందా?