Mumbai:
The country's largest private sector lender, ICICI Bank, has introduced the cash withdrawal facility at point of sale (PoS) terminals at merchant outlets.
ICICI is the first lender to offer this facility in the country, said the bank in a press release. Currently, cash withdrawal using a plastic card is only available at ATMs.
The new facility will be available for all ICICI Bank debit card holders who can withdraw up to Rs 1,000 a day as per Reserve Bank guidelines. This can be done with or without associated purchase transactions at PoS terminals, said the bank in the statement.
The ability to offer cash is likely to be attractive to merchants as it means they can reduce the risk and cost associated with managing cash.
ICICI Bank had consolidated total assets of over USD 115 billion as of end September. It has subsidiaries in the insurance space, securities brokerage, mutual funds and private equity. The bank is present in 18 countries.