Hyderabad: The Reserve Bank of India on Friday hiked the limit of withdrawals from Points-of-Sale with merchant establishments for withdrawals of amount through debit cards and open system prepaid cards issued by banks in India.
RBI general manager Nanda S. Dave and principal adviser Alpana Kilawala said the cap would be Rs 2,000 at tier-III and tier-IV cities and Rs 1,000 at tier-I and tier-II centres.
They said that the transaction fee would be waived on the withdrawals till December 30. The scheme was introduced in August.
The facility is available irrespective of whether the card holder makes a purchase or not. In case the facility is availed along with the purchase of merchandise, the receipt generated shall separately indicate the amount of cash withdrawn
The RBI issued the circular to CMDs, CEOs of all scheduled commercial banks including regional rural banks, Urban Cooperative banks, state cooperative banks, district central cooperative banks and all card network providers.
GHMC officials including additional commissioner (revenue) J. Shankaraiah had no idea about the scheme. District collector Rahul Bojja said that GHMC was dealing with the subject as trade licences were under their jurisdiction.
The facility is made available at merchant establishments designated by the banks after a process of due diligence. Such merchant establishments are to clearly indicate/display the availability of this facility
Banks offering this facility shall have an effective customer redressal mechanism. Complaints in this regard will fall within the ambit of the Banking Ombudsman Scheme. The facility is available only against debit cards issued in India.
