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RBI announces to provide cardless cash withdrawal facility at ATMs of all banks in the country, know many benefits

RBI Credit Policy Announcements: The Reserve Bank of India released the decisions of the Monetary Policy Review on Friday. RBI Governor Shaktikanta Das has also announced that the central bank has proposed cardless cash withdrawal facility at all the banks’ ATMs in the country. The idea behind this is to reduce the use of debit-ATM cards and to advance the digital economy.

After the decisions taken during the three-day monetary policy review meeting, Shaktikanta Das said that this cardless cash withdrawal facility will be provided through Unified Payment Interface or UPI. At present, only a limited number of ATMs and banks in the country are providing the facility of cardless cash withdrawal, that too depends on each bank differently.

Shaktikanta Das said during the announcement that “Cardless cash withdrawal facility at present is limited to few banks only. RBI proposes to make it available in all banks and ATMs of the country and use UPI mode for this.” “

Cardless cash withdrawal, as the name suggests, allows you to withdraw cash from an ATM without using an ATM or debit card. This feature was mainly introduced during the Kovid-19 pandemic when efforts were on to promote touchless transactions to prevent the spread of coronavirus.

Withdrawing money through UPI will not only standardize cardless cash withdrawal, but it will also work to reduce card cloning and similar scams. The RBI Governor also pointed this out and said that apart from easing the transactions, it will also work to prevent frauds like card cloning, skimming. Through this it is clear that with the use of UPI more and more, it is an effort to move towards cardless economy, although it will take time for this. In this context, RBI will soon give separate guidelines to NPCI, ATM networks and banks.

How do cashless withdrawals work as of now?
Through cardless cash withdrawal transactions, all those people can transfer money from their bank account and for this they only need a valid domestic mobile phone number.

Under this, the beneficiary can withdraw cash or funds from any bank’s ATM without using debit or ATM card. All you need to do is to transfer payment through this service on Payee’s mobile number only. Payee can do cardless cash withdrawal through this service without using debit or ATM cards.

To get this transaction amount, Payee just has to enter his mobile phone number, apart from this 4 number and 6 number verification code will have to be entered, while by entering the total amount Payee can get this amount in cash.

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. (Though these will be determined as per regulatory guidelines and may vary)

What are the benefits of cardless cash withdrawal

    • You can send and receive money from anywhere in India.
    • Through this you can send money 24 hours a day, 7 days a week and even on holidays.
    • The obligation of the beneficiary to have a bank account for this ends.
    • A vast network of banks and ATMs may be available for this cardless cash withdrawal.

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