eMagic-Withdraw Cash from POS(Point of Sales)-Union Bank is the first Bank in this Arena

eMagic-Withdraw Cash from POS(Point of Sales)-Union Bank is the first Bank in this Arena

Union Bank is planning to be the first bank in the country to offer Cash Withdrawal Facilities at its Point of Sales (POS) Terminals, as per newspaper reports.

This facility is in accordance with : -

http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5184&Mode=0

My earlier Post on this can be accessed at

http://prashantnepayments.blogspot.com/2009/07/emagic-withdraw-cash-from-pospoint-of_24.html

The highlights of Union Bank of India announcement is

01)                      Launch the product by end of December 2009.

02)                     Initial target is Rural India, with 25,000 POS terminals to have this facility.

03)                     In the initial stages, this Product is accessible to only Union Bank of India Account Holders.

04)                     On stabilization, the Product to be rolled out to other Bank Account Holders too.

Union Bank of India, has again taken the lead, in introduction of new Products

Cheers, UNION BANK OF INDIA