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<p>On Monday, Karnataka Bank joined the Alliance of many other banks to provide cash at the point of sale (PoS)</p><p>Terminals installed in various commercial institutions across the country. </p><p>Customers holding any bank or open system prepaid card debit card issued by Bank of India, if they can withdraw cash at the PoS <a href="https://www.posgoodcom.com/products" target="_blank">terminal</a>, can use the facility to withdraw cash and secondary cities up to 1,000 on the first floor, the number of third-tier cities is as high as 2,000, and the fourth-tier and rural areas. </p><p>Karnataka Bank has installed more than 13,100 PoS terminals nationwide. </p><p>Customers do not need to pay the merchant any fees to withdraw cash from the merchant. </p><p>However, the issuing bank can charge a small withdrawal fee of 1%, up to 10 pounds as stipulated by the Reserve Bank of India. </p><p>A senior official at Karnataka Bank said that Karnataka Bank plans to im<a href="https://www.posgoodcom.com/products" target="_blank">pos</a>e a 1% fee based on RBI\'s permission. </p><p>The official added that of the £ 10 charged, £ 3 was shared with merchants and other bank partners. </p><p>As to whether the merchant is obliged to issue cash to the customer, the official said, it depends on whether the merchant has cash. </p><p>It also depends on whether the PoS terminal is available for cash distribution, as in many urban areas the terminal will be busy catering to merchant customers. </p><p>However, he added that PoS terminals may not be as busy in rural areas, so the maximum withdrawal limit remains at £ 2,000. </p><p>The press release quoted M. , managing director and chief executive of Karnataka Bank. S. </p><p>Mahabaleshwara said, \"Cash @ PoS actually turns the PoS terminal of the bank into a mini ATM. </p><p>It has many benefits for both merchants and cardholders. </p><p>As it is able to collect cash from merchant institutions, the retailer\'s account is automatically deposited in cash without having to access the branch. </p><p>This is also a way for merchants to generate revenue as they will receive transaction fees/rewards reimbursed/paid by the bank. </p><p>On the other hand, it provides an additional channel for the client to withdraw cash from his/her bank account at a convenient location and time.</p>
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