IDBI Bank Ltd. today launched the Cash at POS facility at the Reliance Trendz store situated at Bandra, Mumbai. IDBI Bank is amongst the first few banks to launch this facility.
The facility would enable debit card holders of any bank in India to withdraw cash of upto Rs.1000 per day at designated merchant establishments by swiping their debit cards on the Point of Sale (POS) terminals. The facility can be availed of either as a pure cash withdrawal or alongwith purchase of goods & services. The merchant establishment will not levy any charges for dispensing cash. IDBI Bank has decided to offer this facility free of charge to its debit card holders.
So far, debit card holders in India were able to withdraw cash only from ATMs. RBI has since permitted banks to offer their debit card holders the facility of withdrawing cash of upto Rs.1000 per day by swiping their debit cards at POS terminals. The Cash at POS facility provides an additional and convenient channel for withdrawing cash from one's bank account. With the penetration of POS terminals in the country being much higher than that of ATMs (more than 5 lakh POS terminals vis-à-vis about 70,000 ATMs), this facility is also expected to substantially increase the access points for cash withdrawals.
About IDBI Bank Ltd.
IDBI Bank Ltd. is a universal bank that rides on a cutting edge core banking Information Technology platform. This enables the Bank to offer personalized banking and financial solutions to its clients through its 806 branches and 1357 ATMs. The Bank has an aggregate balance sheet size of Rs. 2,21,098 Crore as on December 31, 2010. IDBI Bank's operations during the nine month period ended December 31, 2010 resulted in a net profit of Rs.1134 crore.
