Home Breaking News Card-less cash withdrawal to be made available at all ATMs

Card-less cash withdrawal to be made available at all ATMs

by Times One Odia
Share with

The Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday proposed that the card-less cash withdrawals option will be made available to all banks and ATMs using the Unified Payments Interface (UPI).

The card-less cash withdrawal transactions would help in containing frauds like skimming, card cloning, device tampering, etc, RBI said in a statement.

Currently, the facility is limited only to a few banks.  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 UPI while settlement of such transactions would happen through the ATM networks, RBI added.

Under the card-less cash withdrawal facility, a customer is not required to use debit or credit cards while withdrawing cash from ATMs.

The card-less withdrawal request can be initiated for a minimum of ₹100 per transaction and up to a maximum of ₹10,000 per day or ₹25,000 per month for a beneficiary (the limits are subject to change as per regulatory guidelines).

related posts

Leave a Comment