A recent press report said that Allahabad Bank has planned to set up close to 2,000 point of sale (PoS) terminals by the end of this fiscal.
Mr. J. P. Dua, Chairman and Managing Director of the bank said that the bank is in talks with 3-4 companies for entering into a technological tie-up. The bank has aimed to roll out 2,000 PoS terminals by the end of this fiscal
PoS terminals are devices seen in retail and hospitality establishments for processing credit cards, debit cards, smart cards and other electronically submitted transactions in a traditional retail environment.
Mr. Dua said that the setting up of terminals will help the bank acquire higher fee-based income, apart from strengthen its CASA (Current Account and Savings Bank Account) ratio. He added saying that the bank has planned to grow its fee-based income by about 30 per cent this year.
In order to improve customer convenience in using the plastic money, the Reserve Bank of India had permitted cash withdrawals up to Rs 1,000 a day per debit card issued in the country at PoS terminals.
The bank is currently offering services like bank deposits, international banking, education loans, home loan, personal loan etc. to all its customers.