RBI directs banks to boost PoS cash withdrawals

RBI has directed the banks to extend cash withdrawal facility at any merchant establishment with a PoS machine. The Apex bank had noticed that this facility was not being implemented properly.

As per RBI norms, debit cardholders can withdraw up to ₹1,000 per day in Tier-I and II centres and ₹2,000 per day in Tier-III to VI centres. The service charge for such transactions cannot exceed more than 1% of the transaction amount.

The banks are now required to submit quarterly data on cash withdrawal at PoS devices, within 15 days of the end of the quarter.

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