RBI on Friday (January 31, 2020) advised all the scheduled commercial banks, RRBs, Co-operative banks and authorised card payment networks that henceforth they may provide cash withdrawal facility at POS terminal with the approval of their Board.
Hitherto banks are required to obtain one-time permission from Reserve Bank of India for offering the above facility and now that requirement is dispensed with.
“The designated merchant establishments may be advised to clearly indicate / display the availability of this facility along with the charges, if any, payable by the customer” the notification said.
