As per the guidelines issued by the RBI, banks are preparing for a service which will allow customers to withdraw uptoRS. 1, 000 using their debit cards from notified shops/stores all over the country. All such shops/stores will have POS terminals for the same. What is full form of the POS? [Allahabad Bank 2010]

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

As per the guidelines issued by the RBI, banks are preparing for a service which will allow customers to withdraw uptoRS. 1, 000 using their debit cards from notified shops/stores all over the country. All such shops/stores will have ‘POS’ terminals for the same. What is full form of the ‘POS’? [Allahabad Bank 2010]

A	Payment on Sale
B	Power of Sale
C	Point of Sale
D	Payment Order Service

Explanation:

Detailed explanation-1: -The main purpose behind this new change is that the sensitive information of card holders like CVV, card number, expiry date, and other sensitive information will not be stored while processing the online payments.

Detailed explanation-2: -Debit and credit card details like 16-digit card number, name, expiry date and CVV are required during an online transaction. The online platforms used by customers also provide an option to save card data for easy completion of transactions in future. This data is known as “card on file” or CoF.

Detailed explanation-3: -Cash withdrawal using debit cards and full-KYC prepaid cards at PoS terminals has been allowed by Reserve Bank of India (RBI) whereby, a maximum of ₹2, 000 can be withdrawn per transaction within an overall monthly limit of ₹10, 000.

Detailed explanation-4: -The first step towards tokenisation will be clicking on “securing your card as per RBI guidelines” after a customer enters all the card details for a transaction. Once done, the merchant will request the operating bank to generate a unique token for a particular transaction.

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