ICICI, on Tuesday, said its customers would be able to withdraw cash using debit cards at approved merchant establishments even if they choose not to make purchases from the particular shop.
"This facility will be available for all ICICI Bank debit cards issued in India and these debit cardholders can withdraw maximum of Rs.1,000 per day. Cash can be withdrawn with or without associated purchase transaction at an approved and enabled merchant establishment with POS (point-of-sale) terminals," the bank said in a statement here.
Currently cash withdrawal using a plastic card is available only at ATMs.ICICI is the first bank in the country to offer such a service and said the step was a way forward to increase the number of outlets for currency dispensation to enhance customer experience.RBI in his August ,2009 circular has allowed banks to allow customers to withdraw cash from Point of sale(shop) up to amount 1000/- .(read here)
Merchants too will benefit from this scheme as they can reduce the risk and cost associated with managing cash at their establishments.
Launching the facility, managing director and chief executive Chanda Kochhar said, "ICICI Bank continues to be at the forefront of offering new functionalities and convenience to customers by leveraging technology. The launch of cash withdrawals at PoS terminals will create a new mode of access to financial services, which not only enhances customer service but can also be leveraged for financial inclusion."
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