Cash Withdrawal at Point-of-Sale (POS) - Enhanced limit at Tier III to VI Centres - RBI - Reserve Bank of India
Cash Withdrawal at Point-of-Sale (POS) - Enhanced limit at Tier III to VI Centres
RBI/2015-16/164 August 27, 2015 The Chairman and Managing Director / Chief Executive Officers Dear Madam / Sir, Cash Withdrawal at Point-of-Sale (POS) - Enhanced limit at Tier III to VI Centres A reference is invited to our circulars No DPSS.CO.PD.No.147/02.14.003/2009-10 dated July 22, 2009 and DPSS.CO.PD.No.563/02.14.003/2013-14 dated September 5, 2013 on the captioned subject wherein cash withdrawal at Point of Sale (POS) was enabled for all debit cards/open loop prepaid cards issued by banks upto Rs.1000/- per day. 2. On a review it has been decided to enhance the limit for cash withdrawal at POS (for debit cards and open system prepaid cards issued by banks in India) from Rs.1000/- to Rs.2000/- per day in Tier III to VI centres with immediate effect. The per-day limit in Tier I and II centres remains unchanged. 3. Customer charges, if any, levied on cash withdrawals shall not exceed 1% of the transaction amount at all centres irrespective of the limit of Rs 1000 / Rs 2000. 4. Such cash withdrawal facility may be provided by banks subject to following conditions:
5. Card issuing banks that have enabled this functionality may create sufficient awareness of this facility amongst their customers. 6. Banks are advised to submit data on cash withdrawals to the Chief General Manager, Department of Payment and Settlement Systems, Mumbai, 400001 on quarterly basis within 15 days of the end of quarter as per enclosed format. 7. The above scheme will be reviewed keeping in view the progress in e-payments and other related developments. 8. This directive is issued under Section 10(2) read with Section 18 of Payment and Settlement Systems Act 2007 (Act 51 of 2007). Yours faithfully (Nanda S Dave) Quarterly Report on Cash Withdrawal Transactions at Point-of-Sale (POS)- Name of the Bank:
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