RBI stip­u­lates con­di­tions for ‘cash with­drawal’ at point of sale (POS)

Consumer Voice - - Bfsi -

a) This fa­cil­ity is avail­able only against debit cards is­sued in In­dia. b) The max­i­mum amount that can be with­drawn at POS ter­mi­nals is fixed at Rs 1,000 per day (this has

been en­hanced to Rs 2,000 to cer­tain cat­e­gorised cities as per re­cent RBI guide­lines). c) This fa­cil­ity may be made avail­able at any merchant es­tab­lish­ment des­ig­nated by the bank af­ter a

process of due dili­gence. d) The fa­cil­ity is avail­able ir­re­spec­tive of whether the card­holder makes a pur­chase or not. e) In case the fa­cil­ity is be­ing availed along with the pur­chase of mer­chan­dise, the re­ceipt gen­er­ated

shall separately in­di­cate the amount of cash with­drawn. f) In or­der to bring trans­parency in the charge struc­ture, banks have been ad­vised that cus­tomer charges

levied, if any, should not ex­ceed one per cent of the trans­ac­tion amount. g) All merchant es­tab­lish­ments where this fa­cil­ity has been ac­ti­vated should dis­play/in­di­cate clearly the

avail­abil­ity of cash with­drawal along with the charges, if any, payable by cus­tomers. h) Banks offering this fa­cil­ity shall put in place a proper cus­tomer re­dres­sal mech­a­nism. Com­plaints in

this re­gard will fall within the am­bit of the Bank­ing Om­buds­man Scheme. i) Banks offering this fa­cil­ity shall on ap­proval by their re­spec­tive boards ob­tain one-time per­mis­sion of Depart­ment of Bank­ing Oper­a­tions and De­vel­op­ment, Re­serve Bank of In­dia, un­der Sec­tion 23 of Bank­ing Reg­u­la­tion Act, 1949.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.