Every store that accepts debit cards could soon become an ATM. The next time you run out of cash, you needn’t go scouting for an ATM. All you need to do is take your debit card to the nearest shop, swipe it and withdraw cash.As a further step towards enhancing the customer convenience ,the Reserve Bank of India (RBI) has decided to permit cash withdrawals at point-of-sale (POS) terminals.
You can withdraw up to Rs 1,000 in a day. Also, you don’t need to purchase anything from the shop to avail this facility.In case the facility is being availed along with the purchase of a product, the receipt generated shall separately indicate the amount of cash withdrawn. For this, the swipe machines, or point-of-sale (PoS) terminals, will have to be upgraded and it may take around a month for the service to go on stream. The move will particularly benefit customer in smaller towns and rural areas, which have few ATM machines.
At present the cash withdrawal facility using plastic cards is available only at automated teller machines (ATMs). This will help crowd out people at the ATM's and also make use of many retail shops, petrol stations, hotels and restraunts and big budget shops who have this wipe sysytem installed in their shops.However, customers (i.e) general public may have to pay a fee of 2-3%.The processing fee will be split between the bank and the shop owner.
