eMagic-Withdraw Cash from POS(Point of Sales)

eMagic-Withdraw Cash from POS(Point of Sales)

A small notification by Reserve Bank of India-DPSS, has the magic to unleash the genie of ePayments in our country.

As a further step towards enhancing the customer convenience in using the plastic money, the Reserve Bank of India (RBI) has decided to permit cash withdrawals at point-of-sale (POS) terminals.

The complete Notification can be accessed at
http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5184&Mode=0

To enable the customers, Banks, System Integrators, and System Solution Providers, to stablise, RBI has for the time being allowed a maximum cash withdrawal of Rs1000/- from POS.
Once, all the players are comfortable, the amount might be enhanced.

The beauty of this concept is the facility is available irrespective of whether the card holder makes a purchase or not.
In majority of the countries, Cash withdrawal from POS is allowed only when purchases are made in the particular establishment.

Reserve Bank of India-DPSS by making its intention clear in the first Notification itself, reflects the maturity of the admired Institution.

In future posts, I will be analyze in detail, the impact of this astonishing notification.

Salaam R B I