The RBI in a notification released just minutes ago has approved Cash Withdrawal by ATM / Debit Card holders at merchants Point of Sales (POS) Systems. This means that you no longer have to go to the ATM Machine to withdraw cash as you can just hop into the nearest Shop which is accepting Debit Card and get cash. The limit is however Rs 1,000 / day at these Point of Sale Systems. Kindly note that some merchants may charge a fee of upto 2.5% if you have not made any purchase and RBI notification doesn’t address this issue. The final receipt will indicate Purchases + Cash Withdrawl.
RBI was represented by the Indian Retailers who want their consumers to spend more at Malls and at shop-in-shops from which they will get indirect revenue. To enhance the consumer shopping experience, RBI has given the go ahead for cash withdrawals at POS. The Government wants to hear from you and has setup a ComplaintBox to hear your grievances.