This is as good as it can get !
Now you need not go to an ATM if you need cash.if you are in a mall,shop or a restaurant,you can just withdraw cash from a POS(Point-of-Sale) Terminal like bill counters.
Thanks to Reserve Bank Of India(RBI) for this move.
Click this link to read the exact letter from RBI to banks and system provider(VISA/Mastercard): http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5184&Mode=0
Conditions :
1. This facility is available only against debit cards issued in India.
2. The maximum amount that can be withdrawn at POS terminals is fixed at Rs.1000/- per day.
3. This facility may be made available at any merchant establishment designated by the bank after a process of due diligence.
4. The facility is available irrespective of whether the card holder makes a purchase or not.
5. In case the facility is being availed along with the purchase of merchandise, the receipt generated shall separately indicate the amount of cash withdrawn.
6. Banks offering this facility shall put in place a proper customer redressal mechanism. Complaints in this regard will fall within the ambit of the Banking Ombudsman Scheme.
7. Banks offering this facility shall on approval by their respective Boards obtain one time permission of Reserve Bank of India, Department of Banking Operations and Development under Section 23 of the Banking Regulation Act, 1949. (A copy of the Board note / approval may be enclosed.)
What does it mean for us ?
1) It means that we need not find ATM like fools when ever we are in need of cash(very obvious).
2) Debit Cards will become more useful and popular as well.
3) More Freedom.
4) No excuse like No ATM nearby so i couldn’t buy :)
India is seeing lot of changes off late in such money matters.From the introduction Debit Cards to the withdrawal of money (from any bank ATM) without service charge,we have come a long way.
Now this new system would give us more power.
The only issue that can be faced is Merchant – Bank Integration.Many times we notice that Merchants(the shop owners) are not comfortable accepting credit or debit cards.I have heard many a times,”we will charge 2% extra if you use card !”.
So would all merchants be happy with this change ? But I am pretty sure that Customers(we,the people) would be happy.
In fact I am elated.I have faced this problem many times and even thought that Cant i get take money from the shop owner and swipe my card in return as a transaction !
Thanks RBI for listening !
Helpful info you have displayed here thanks.