Withdraw cash from PoS with ICICI Bank debit card

Written by: Pti
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Mumbai, Jan 18 (PTI) The country''s largest privatesector lender ICICI Bank today introduced cash withdrawalfacility at point of sale (PoS)terminals at merchant outlets.

ICICI is the first lender to offer this facility inthe country, the bank said in a release here.

Currently cash withdrawal using a plastic card isavailable only at ATMs.

The new facility will be available for all ICICI Bankdebit cards holders who can withdraw up to Rs 1,000 a day asper Reserve Bank guidelines and can be done with and withoutassociated purchase transactions at PoS terminals, the banksaid in a statement here today.

Launching the facility, managing director and chiefexecutive Chanda Kochhar said, "ICICI Bank continues to be atthe forefront of offering new functionalities and convenienceto customers by leveraging technology. The launch of cashwithdrawals at PoS terminals will create a new mode of accessto financial services, which not only enhances customerservice but can also be leveraged for financial inclusion."

The ability to offer cash is likely to be attractiveto merchants as it means they can reduce the risk and costassociated with managing cash.

ICICI Bank had consolidated total assets of over USD115 billion as of end September. It has subsidiaries in theinsurance space, securities brokerage, mutual funds andprivate equity. The bank is present in 18 countries.

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