SRINAGAR: In its bid to move towards cashless banking, the Jammu and Kashmir State Cooperative Bank has launched PoS (Point of Sale) services for its customers, thus becoming the first co-operative bank in the state to launch the said service.
In a statement issued by the bank the move will boost cashless banking besides, merchant services and institutions.
The bank is planning to install 2000 terminals, mainly in rural areas by March end.
The statement added that, MDR (Merchant discount rate) Installation fee, monthly rentals and other charges have been fixed at the lowest keeping in view low profit margins of small establishments in rural areas.
The Managing Director, A. A. War, has congratulated his Information Technology and Business Development teams for the successful launch.
Meanwhile, the Bank has constituted a high level committee, headed by the Managing Director himself, to ensure launch of internet banking, mobile banking and Adhaar enabled payment system (AEPS) in the FY 17-18.