Now, withdraw cash from your local store
Bangalore: People can now withdraw cash from any local store. The Reserve Bank of India (RBI) on Wednesday allowed cash withdrawal from point-of-sale (PoS) terminals, or the hand-held card swiping machines used by merchant establishments or stores. As of May 31, India has 44,857 automated teller machines (ATM) and 4,70,237 PoS terminals.
According to the notice issued by RBI, initially, customers would be able to withdraw up to 
1,000 a day using the swipe card machines. RBI said, "Banks can start this facility by getting a one-time approval by the banking regulator and are required to maintain a proper customer redressal mechanism for offering this service."
A senior Axis Bank official said, "Banks and card associations like Visa and MasterCard would have to decide on an interchange fee. This fee would be levied as a convenience charge to the customer which is an international practice and this could be in the range of 20-50. Customers will benefit from this service as they can shop and withdraw cash at the same place."
1,000 a day using the swipe card machines. RBI said, "Banks can start this facility by getting a one-time approval by the banking regulator and are required to maintain a proper customer redressal mechanism for offering this service."
A senior Axis Bank official said, "Banks and card associations like Visa and MasterCard would have to decide on an interchange fee. This fee would be levied as a convenience charge to the customer which is an international practice and this could be in the range of 20-50. Customers will benefit from this service as they can shop and withdraw cash at the same place."