Point of Sale (PoS) Terminals: RBI gives you all details on cash withdrawal facility
Business

Point of Sale (PoS) Terminals: RBI gives you all details on cash withdrawal facility

New Delhi: The Reserve Bank of India (RBI) has just lately defined the money withdrawal facility by means of level of sale (PoS) terminals within the type of steadily requested questions (FAQs). Under this facility, the central financial institution acknowledged that underneath the ability, cardholders can withdraw money utilizing their debit playing cards and open system pay as you go playing cards issued by banks in India. Notably, the customers can use bank cards to avail of this facility.

The RBI assertion issued on May 5, 2020 clarified all particulars within the type of steadily requested questions (FAQs): 

1. Which forms of playing cards are allowed for withdrawing money at PoS terminals?
Ans. Under the ability of money withdrawal at PoS terminals, cardholders can withdraw money utilizing their debit playing cards and open system pay as you go playing cards issued by banks in India. However, bank cards can’t be used underneath this facility. Cash may also be withdrawn at PoS terminals by means of Unified Payments Interface (UPI) in addition to by means of the usage of digital playing cards which might be linked with overdraft facility supplied together with Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts.

2. Is there any restrict on the amount of money that may be withdrawn underneath this facility?
Ans. Yes. Under this facility, a cardholder can withdraw money as much as Rs 2,000/- per day per card in Tier III to VI centres. At Tier I and II centres, the withdrawal restrict is Rs 1,000/- per day per card.

3. What are the costs for availing of this facility?
Ans. Charges, if any, levied on money withdrawals shall not exceed 1% of the transaction quantity.

4. Is this facility accessible in any respect service provider institutions? How will I do know if the ability is on the market at a specific service provider PoS?
Ans. No. The facility is made accessible at service provider institutions designated by the acquirer banks (i.e. the banks that deploy the PoS terminals) after a technique of due diligence. The designated service provider institutions have to obviously point out/show the supply of this facility together with the costs, if any, payable by the client.

5. Is withdrawal of money utilizing PoS terminals deployed by different banks (i.e. banks aside from my card issuer) at designated service provider institutions permitted?
Ans. Yes. Under this facility, money could be withdrawn from PoS terminal(s) at designated service provider institution(s), regardless of the actual fact whether or not the cardboard issuer and the buying financial institution are similar or not.

6. Is it necessary for the cardholder to buy some items/companies from the service provider institution for availing this facility?
Ans. No. The facility is on the market regardless of whether or not the cardholder makes a purchase order or not.

7. Will a receipt be supplied for the money withdrawn at PoS terminal?
Ans. Yes. The service provider is required to offer a printed receipt generated by the PoS terminal. In case the ability is availed together with the acquisition of merchandise, the receipt generated shall individually point out the amount of money withdrawn.

8. Where can a grievance in respect of this facility be lodged?
Ans. The cardholder can lodge grievance(s) together with his / her card issuer. In case the cardboard issuer doesn’t reply inside the stipulated time, or the reply so obtained isn’t passable, the cardholder can lodge a criticism underneath the Banking Ombudsman Scheme / Ombudsman Scheme for Digital Transactions.

9. Does the acquirer financial institution want any permission from the Reserve Bank of India (RBI) for offering this facility at its PoS terminals?
Ans. No. The acquirer banks (aside from native space banks) might, primarily based on the approval of their Board, present money withdrawal facility at PoS terminals. The native space banks shall require the approval of RBI for offering this facility.

10. Where can extra details about this facility be discovered?
Ans. More details about this facility could be discovered within the following circulars issued by the RBI – DPSS.CO.PD.No.147/02.14.003/2009-10 dated July 22, 2009, DPSS.CO.PD.No.563/02.14.003/2013-14 dated September 5, 2013, DPSS.CO.PD.No.449/02.14.003/2015-16 dated August 27, 2015, DPSS.CO.PD.No.501/02.14.003/2019-20 dated August 29, 2019 and DPSS.CO.PD.No.1465/02.14.003/2019-20 dated January 31, 2020.

$(function() { return $("[data-sticky_column]").stick_in_parent({ parent: "[data-sticky_parent]" }); });

reset_scroll = function() { var scroller; scroller = $("body,html"); scroller.stop(true); if ($(window).scrollTop() !== 0) { scroller.animate({ scrollTop: 0 }, "fast"); } return scroller; };

window.scroll_it = function() { var max; max = $(document).height() - $(window).height(); return reset_scroll().animate({ scrollTop: max }, max * 3).delay(100).animate({ scrollTop: 0 }, max * 3); };

window.scroll_it_wobble = function() { var max, third; max = $(document).height() - $(window).height(); third = Math.floor(max / 3); return reset_scroll().animate({ scrollTop: third * 2 }, max * 3).delay(100).animate({ scrollTop: third }, max * 3).delay(100).animate({ scrollTop: max }, max * 3).delay(100).animate({ scrollTop: 0 }, max * 3); };

$(window).on("resize", (function(_this) { return function(e) { return $(document.body).trigger("sticky_kit:recalc"); }; })(this));

}).call(this);

} on_load_google_ad(); function sendAdserverRequest() { try { if (pbjs && pbjs.adserverRequestSent) return; googletag.cmd.push(function() { googletag.pubads().refresh(); }); } catch (e) {

googletag.cmd.push(function() { googletag.pubads().refresh(); }); } } setTimeout(function() { sendAdserverRequest(); }, 5000);

function on_load_fb_twitter_widgets(){ (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "https://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.9"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk'));

window.twttr = (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0], t = window.twttr || {}; if (d.getElementById(id)) return t; js = d.createElement(s); js.id = id; js.src = "https://platform.twitter.com/widgets.js"; fjs.parentNode.insertBefore(js, fjs); t._e = []; t.ready = function(f) {

t._e.push(f); }; return t; }(document, "script", "twitter-wjs")); }

//setTimeout(function() { on_load_google_ad(); }, 5000); setTimeout(function() { on_load_fb_twitter_widgets(); }, 5000);

Source