Banks Install over 1.2 million PoS Terminals in January-March
POS Terminals
25-05-2017 00:00:00
Banks Install over 1.2 million PoS Terminals in January-March

The Finance Ministry has declared that as many as 12.54 lakh Point of Sale (PoS) payment terminals were added in January-March this year, giving a boost to government’s efforts to promote digital transactions after demonetisation. 


The government had earlier asked all nationalized and private sector banks to provide one million (10 lakh) card payment terminals to merchants by March 2017.


With the addition, the total number of PoS terminals increased to 27.73 lakh at the end of March 2017. As on March 2016, India had 13.8 lakh POS machines.


Further, to improve such infrastructure in villages, 2.04 lakh PoS terminals have been sanctioned from the Financial Inclusion Fund by NABARD, according to key achievements and initiatives of Department of Financial Services for providing social security and credit to various sections of society and ensuring Financial Inclusion, PTI reported.


To augment card acceptance infrastructure for use of debit cards, a major drive was undertaken between December 2016 and March 2017, resulting in an increase in PoS terminals by an additional 12.54 lakh, up from 15.19 lakh as on November 2016, it said. 


Various departments under government of India have come out with list of achievements on the third anniversary of the NDA government under Prime Minister Narendra Modi.

-K Ramanathan

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