Swipe your cards to withdraw money from select merchants for free
The Reserve Bank of India on Friday evening waived charges for cash withdrawal from specified points of sale merchants and doubled the daily limit for withdrawal in cities and metros to Rs 2,000 to ease pressure on banks.black money crackdown Updated: Nov 18, 2016 23:37 IST
Now, you can swipe your debit card to withdraw money from specified merchants for free.
The Reserve Bank of India on Friday evening waived charges for cash withdrawal from specified points of sale merchants and doubled the daily limit for withdrawal in cities and metros to Rs 2,000 to ease pressure on banks.
The daily cash withdrawal limit for cities was Rs 1,000, while it stood at Rs 2,000 for smaller towns.
The RBI announcement follows the State Bank of India’s tie-up with designated state-run petrol pumps to allow people to swipe their cards at these pumps to pick up money.
“As another customer-centric measure, the limit for cash withdrawal at POS (Point of Sale) has been made uniform at to Rs 2000/- per day across all centres (Tier I to VI) for all merchant establishments enabled for this facility,” an RBI announcement said.
It added that customer charges, if any, being levied on all such transactions waived till December 30, though it is subject to review.
Banks were earlier permitted to charge users up to 1% of the transaction amount as customer charges.
The RBI had enabled cash withdrawal at point of sale for debit cards in July 2009. In September, this facility was extended to pre-paid cards issued by the banks.
First Published: Nov 18, 2016 22:33 IST