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now, withdraw cash from karnataka bank’s pos terminals

by:PTKSAI     2019-11-01
On Monday, Karnataka Bank joined the Alliance of many other banks to provide cash at the point of sale (PoS)
Terminals installed in various commercial institutions across the country.
Customers holding any bank or open system prepaid card debit card issued by Bank of India, if they can withdraw cash at the PoS terminal, can use the facility to withdraw cash and secondary cities up to 1,000 on the first floor, the number of third-tier cities is as high as 2,000, and the fourth-tier and rural areas.
Karnataka Bank has installed more than 13,100 PoS terminals nationwide.
Customers do not need to pay the merchant any fees to withdraw cash from the merchant.
However, the issuing bank can charge a small withdrawal fee of 1%, up to 10 pounds as stipulated by the Reserve Bank of India.
A senior official at Karnataka Bank said that Karnataka Bank plans to impose a 1% fee based on RBI\'s permission.
The official added that of the £ 10 charged, £ 3 was shared with merchants and other bank partners.
As to whether the merchant is obliged to issue cash to the customer, the official said, it depends on whether the merchant has cash.
It also depends on whether the PoS terminal is available for cash distribution, as in many urban areas the terminal will be busy catering to merchant customers.
However, he added that PoS terminals may not be as busy in rural areas, so the maximum withdrawal limit remains at £ 2,000.
The press release quoted M. , managing director and chief executive of Karnataka Bank. S.
Mahabaleshwara said, \"Cash @ PoS actually turns the PoS terminal of the bank into a mini ATM.
It has many benefits for both merchants and cardholders.
As it is able to collect cash from merchant institutions, the retailer\'s account is automatically deposited in cash without having to access the branch.
This is also a way for merchants to generate revenue as they will receive transaction fees/rewards reimbursed/paid by the bank.
On the other hand, it provides an additional channel for the client to withdraw cash from his/her bank account at a convenient location and time.
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