The bank said that the facility will be available for all ICICI Bank debit cards issued in India and these debit cardholders can withdraw maximum of INR1000/- per day as per Reserve Bank of India guidelines.
Cash can be withdrawn with and without associated purchase transaction at an approved and enabled merchant establishment with POS terminals.
ICICI Bank managing director and CEO Chanda Kochhar said the launch of cash withdrawals at POS terminals will create a new mode of access to financial services, which not only enhances customer service but can also be leveraged for financial inclusion.
The bank said that 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.
This service is been offered by ICICI Bank along with its acquiring partner, ICICI Merchant Services Limited (IMSL), which recently became the first acquirer in India to enable merchants to accept Maestro debit cards online.
