ICICI Bank offers cash withdrawal at POS terminals Becomes First Bank to offer this facility
ICICI Bank has become the first bank in the country to enable its customers to withdraw cash at POS terminals at merchant establishments using their debit cards. The new facility will further enhance customer convenience and ease of transaction in case of cash Withdrawals. ICICI Bank Ltd, India's largest private sector Bank, announced the launch of Cash withdrawal at Point of Sale (POS) terminals. This facility will be available for all ICICI Bank debit cards issued in India and these debit cardholders can withdraw maximum of Rs 1000/- per day as per Reserve Bank of India guidelines. Cash can be withdrawn with and without associated purchase transaction at an approved and enabled merchant establishment with POS terminals.
Ms. Chanda Kochhar, Managing Director and CEO, ICICI Bank, 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."
Currently cash withdrawal using a plastic card is available only at ATMs, however this is a step forward to increase the number of outlets for currency dispensation to enhance customer experience. The ability to offer cash is likely to be attractive to merchants as it means they can reduce the risk and cost associated with managing cash.
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