Keeping in line with its objective of customer convenience, the Reserve Bank of India (RBI) came out with an innovative announcement on Wednesday. According to the announcement, you can now swipe your debit card at any point-of-sale terminal, and withdraw up to Rs 1,000 per day. Point-of-sale (POS) terminals are those machines used to swipe debit/credit cards at shops, restaurants, malls etc.
Following are the conditions notified by RBI:
1. This facility is available only against debit cards issued in India.
2. The maximum amount that can be withdrawn at POS terminals is fixed at Rs 1,000 per day.
3. This facility may be made available at any merchant establishment designated by the bank after a process of due diligence.
4. The facility is available irrespective of whether the card holder makes a purchase or not.
5. In case the facility is being availed along with the purchase of merchandise, the receipt generated shall separately indicate the amount of cash withdrawn.
6. Banks offering this facility shall put in place a proper customer redressal mechanism. Complaints in this regard will fall within the ambit of the Banking Ombudsman Scheme.
7. Banks offering this facility shall on approval by their respective Boards obtain one time permission of Reserve Bank of India, Department of Banking Operations and Development under Section 23 of the Banking Regulation Act, 1949.
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