Karnataka Bank Ltd has introduced 'Cash@PoS' facility through its network of 13,100-plus Point of Sale (PoS) terminals installed at various merchant establishments throughout the country.
A press release by the bank said here on Monday that it is a facility through which any bank customer can withdraw cash using his/her debit card or open system prepaid card (issued by banks in India) at PoS terminals.
In accordance with the guidelines of the Reserve Bank of India, customers can withdraw up to Rs 1,000 a day per card in tier-I and tier-II cities, and Rs 2,000 a card per day in tier-III to tier-VI centres through Cash@PoS.
It said that the facility is available for Karnataka Bank and other banks’ debit/prepaid cardholders, subject to respective banks enabling the Cash@PoS facility for their cardholders.
The merchant establishment will not levy any charge for dispensing cash as the charges will be levied by the card issuing bank. Cash@PoS is an avenue for income generation for the merchants as they will receive fees/incentives on such transactions which will be reimbursed/paid by the bank, it said.
Quoting Mahabaleshwara MS, Managing Director and Chief Executive Officer of the bank, the release said that the new facility provides an additional channel for the customers for withdrawing cash from their bank account at the convenience of place and time.