ICICI Bank on Tuesday introduced cash withdrawal facility at point of sale (PoS) terminals at merchant outlets.
ICICI is the first lender to offer this facility in the country, the bank said. Currently, cash withdrawal using a plastic card is available only at ATMs.
The new facility will be available for all ICICI Bank debit cards holders who can withdraw up to Rs 1,000 a day as per Reserve Bank guidelines and can be done with and without associated purchase transactions at PoS terminals, the bank said.
Launching the facility, managing director and chief executive Chanda Kochhar said, "ICICI Bank continues to be at the forefront of offering new functionalities and convenience to customers by leveraging technology. 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 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 $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.