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Retailers to allow cash withdrawals to customers
Posted On: 23-07-2009 00:00:00 09

The next time you run out of cash, all you need to do is swipe your debit card at the nearest shop. The Reserve Bank has allowed cash withdrawals using the swipe machines at retail shops. The customer can withdraw up to Rs 1,000 in a day and does not need to purchase anything from the shop to avail this facility. However, there is a service fee of 2-3% that is attached. In case the cardholder also pays for a purchase, then the receipt will have to separately indicate the cash withdrawn. For this, the swipe machines, or point-of-sale terminals, will have to be upgraded and it may take around a month for the service to go on stream. The move will particularly benefit customer in smaller towns and rural areas, which have few ATM machines. There are 10 swipe machines for every ATM in the country. The banks may split the service charge with retailers to make it attractive for them to offer this service. At present, merchants pay a fee of 1.5-2 % for every card transaction. RBI has said the facility can be made available at any merchant establishment designated by the bank after due diligence.

 
 
 

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