JOIN USKarnataka Bank introduced Cash@PoS facility through its network of more than 13,100 Point of Sale (PoS) terminals installed at various merchant establishments throughout India.
Using the facility any bank customer can withdraw cash using debit cards /open system prepaid cards (issued by banks in India) at PoS terminals of the Bank.
In accordance with the guidelines of the Reserve Bank of India, customers can withdraw up to Rs 1,000 per day per card in Tier-I and Tier-II cities, and Rs 2,000 per card per day in Tier-III to Tier-VI centres through Cash@PoS.
The facility is available for Karnataka Bank as well as 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 charges will be levied by the card issuing bank.
“Cash@PoS virtually transforms Bank’s PoS terminals as ‘Mini ATMs’. It has many benefits to the merchant establishments and cardholders. As it enables recycling of cash with merchant establishments, the retailers’ accounts are automatically deposited with cash without having to visit the branch. It is also 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. On the other hand, it provides an additional channel for the customers for withdrawing cash from his/her bank account at the convenience of place and time,” MD and CEO Mahabaleshwara M S.