RBI: Cardless ATM cash withdrawals to be available for all bank ATMs
Guwahati: Cardless ATM cash withdrawal using UPI: According to the RBI’s ‘Statement on Developmental and Regulatory Policies’ issued today, bank clients will soon be able to make cardless cash withdrawals from ATMs of any bank using UPI.
Cardless cash withdrawal using ATMs is an allowed mode of transaction supplied by a few banks in India on an on-us basis, according to the Reserve Bank of India (for their customers at their own ATMs).
However, the removal of the necessity for a card to commence cash withdrawal operations will aid in the prevention of frauds such as skimming, card cloning, and device tampering, according to the central bank.
The state “To encourage card-less cash withdrawal facility across all banks and all ATM networks / operators, it is proposed to enable customer authorisation through the use of Unified Payments Interface (UPI) while settlement of such transactions would happen through the ATM networks,”