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.

Sign Up for nextbigwhat newsletter

The smartest newsletter, partly written by AI.

Download Pluggd.in, the short news app for busy professionals