Cardless cash withdrawal will be made available at all bank ATMs through UPI: RBI Governor
Announcing the monetary policy, Reserve Bank of India, or RBI, governor Shaktikanta Das said it is proposed that the cardless cash withdrawal option will be made available to all banks and ATMs using the Unified Payments Interface (UPI). At present, this facility is limited to only a few banks.
“The absence of card needs to initiate cash withdrawal transactions will help prevent frauds like card cloning, skimming, device tampering, and other types of fraud. To increase cardless cash withdrawal facility in all banks and all ATM networks/operators, it is proposed to enable customer authorization through the use of UPI, while settlement of such transactions will take place through the ATM network,” RBI said in a statement.
Individuals can withdraw cash from an Automated Teller Machine (ATM) without using a debit card under the cardless cash withdrawal service. Cardless withdrawal requests can be initiated for a beneficiary for a minimum of INR 100 per transaction and a maximum of INR 10,000 per day or INR 25,000 per month (limits are subject to change as per regulatory guidelines).
About the cardless cash withdrawal facility
Cardless cash withdrawal allows you to withdraw cash from ATMs without using your debit or credit cards, as the name implies. Cardless transactions were encouraged during the COVID-19 pandemic, and this facility was established to help decrease the spread of coronavirus.
SBI, ICICI Bank, Axis Bank, and other banks currently provide cardless cash withdrawal services. Each bank’s system is different, and you must have the bank’s mobile app installed and active on your smartphone to use it.
Now with UPI being added as an option, it is expected to become more standardized, although the rollout may still take some time. The RBI will give separate directions to the NPCI, ATM networks, and banks soon.
#BREAKING | @RBI keeps policy #RepoRate unchanged at 4%, reverse repo rate unchanged at 3.35%, decides to continue with #accommodative stance#RBIPolicy LIVE Updates: https://t.co/oLDTbK6gui pic.twitter.com/XMRGRLtVAi
— Economic Times (@EconomicTimes) April 8, 2022
Apart from the cardless service, the Reserve Bank of India, in its first monetary policy meeting for the financial year 2022-23, kept the repo rate (at which RBI lends money to commercial banks) unchanged at 4% for the 11th time in a row, as widely expected. According to industry analysts, the decision will significantly aid the economy’s recovery to pre-Covid-19 levels at a time when the economy is progressively improving.
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