ICICI Bank has launched an innovative scheme that suits the Indian market a lot. ICICI Bank and ICICI merchant services has launched a scheme that would enable the customers of the bank that have debit card to withdraw money from the merchant that have credit card swipe machine.
For the purpose the bank has to make minor modifications in the present system of the bank and in a few days the customers will be able to enjoy the service.
The Managing Director and Chief Executive of the bank 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."
This service initially will be available with a merchant outlets by the scheme is expected to attract more merchants to provide this service as it will reduce the headache of managing cash for the merchants plus the service will load the customers with an alternative choice to withdraw cash.
According to the guidelines from the banks that customers will be able to get a maximum of Rs 1000 per day from the service and for this the customer will be charged with Rs 10 per transaction. This service charge will then be shared between the bank and the merchant.
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