Today (August 29, 2019)RBI notified to all the Scheduled Commercial Banks including RRBs / Urban Co-operative Banks /State Co-operative Banks / District Central Co-operative Banks /All Authorised Card Networks with regard to Point of Sale transaction. The Banking Regulator said that it has come to their notice that many banks are not following in letter and spirit the conditions applicable to cash withdrawal at Point of Sale devices. In view of not giving room for such types of complaints, the Central Bank asked all the above card issuing entities to extend the facility of withdrawal of cash at any merchant establishment designated by them after a due diligence process.
The conditions for ‘cash withdrawal at Point of Sale (POS) are as under
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