Cardless Cash Withdrawal: Reserve Bank of India has proposed cardless cash withdrawal through UPI facility at ATMs of all banks in the country. At present, only a few banks allow cardless withdrawals through ATMs. But RBI has now proposed cashless cash withdrawal at all banks and ATMs using UPI. 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
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 cardless 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 After which the money will be withdrawn from the ATM.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.