RBI Asks Banks And ATM Operators To Offer Interoperable Card-less Cash Withdrawal Facility From Their ATM
Cardless Cash Withdrawal: Soon you can withdraw cash without ATM-Debit...
Cardless Cash Withdrawal: Soon you can withdraw cash without ATM-Debit card. The Reserve Bank of India on Thursday issued instructions to all banks and ATM operators to offer the facility of Interoperable Card-less Cash Withdrawal at their ATM machines. According to RBI, customer authorization will be done through UPI to make cashless transactions. National Financial Switch will be used for settlement of ATM network. There is no processing fee to be paid for cardless cash withdrawal.
National Payment Corporation of India (NPCI) has been asked to integrate Unified Payments Interface (UPI) with all banks and ATMs. The card cash withdrawal limit will remain the same as the ATM withdrawal limit at present. According to RBI, if any transaction causes loss to the customer, then the existing rules of compensation will be valid.
Earlier on April 8, 2022, while announcing the monetary policy, RBI had proposed cardless cash withdrawal through UPI facility in ATMs of all banks in the country. At present, only a few banks allow cardless withdrawals through ATMs. But after the order of RBI, using UPI will now provide the facility of cashless cash withdrawal at all banks and ATMs. RBI Governor Shaktikanta Das said that this cardless cash withdrawal facility will be provided through Unified Payment Interface or UPI. The RBI governor said that through the cardless cash withdrawal facility, where there will be ease of transaction, there will be no need to carry a debit card, which will help in cracking down on debit card skimming, card cloning.
Cloning-fraud will get rid of
At present, only a few banks are offering the facility of cardless cash withdrawal facility through ATMs to their customers. Cardless cash withdrawals through ATMs are offered by some banks in the country to their customers at their own ATMs. This will help prevent frauds like skimming, card cloning, device tampering in the absence of the need for a card to initiate cash withdrawal transactions. RBI statement said that, in order to encourage card-less cash withdrawal facility across all banks and all ATM networks/operators, it is proposed that such transactions through the use of Unified Payments Interface (UPI) through customer authorization The settlement will be done through ATM network. Separate instructions will be issued to NPCI, ATM network and banks soon.
Debit ATM card not required
Through this facility, the customer will be able to withdraw money through UPI apps like BHIM, Paytm and Googlepay using his mobile phone. There will be no need to swipe the debit card in UPI based ATMs. The customer has to scan the user code on the screen and authorize the cash withdrawal through mobile. After which the money will be withdrawn from the ATM.
cardless cash withdrawal
Many banks allow their customers to do cardless cash withdrawal at their own ATMs. According to the HDFC website, through cardless cash withdrawal, you can do cash transactions ranging from a small amount of Rs 100 to Rs 10,000 per day and Rs 25,000 per month.
read this also
Edible Prices To Come Down: News of relief for India, Indonesia announces to withdraw ban on palm oil export
Rupee at All time Low: Rupee closes at historic low