New Delhi: There is big news for the people using ATMs. Let us tell you that bank customers will soon be able to withdraw cardless cash from any bank’s ATM, which means that without a card, money can be withdrawn from any ATM. The Reserve Bank of India (RBI) on Friday proposed to provide a cardless cash withdrawal facility across all banks and automated teller machine (ATM) networks using the Unified Payments Interface (UPI). Let us know some important information related to this…
In fact, giving information about this, RBI Governor Shaktikanta Das had said, “It is now proposed to provide the facility of cardless cash withdrawal using UPI in all banks and ATM networks.” This unique system of ATM usage will be helpful in preventing ATM fraud, as it uses a mobile PIN for cash withdrawal. Because of this, this new system of withdrawing money from ATMs will prove to be very effective.
The biggest contribution of UPI along with easing digital payments has been the secure authentication of bank accounts. Its use case was made ubiquitous with the ability to integrate with not only banking apps but also third-party apps like Google Pay and PhonePe. Sumit Gwalani, Co-Founder, Neobank Fi, said, “The scope of use of UPI is huge and this is what we are seeing in the case of cardless withdrawals from ATMs.
Although some banks have already started this facility. It would be good to see that all banks will soon support this facility. This will improve the security of cash withdrawals.” Customers having savings accounts can avail of cardless cash withdrawal facilities through mobile and internet banking. However, the limit for such transactions is Rs 5,000 or Rs 10,000.
Know what is cardless cash withdrawal
The cardless cash withdrawal facility does not require bank customers to use their debit or credit cards while withdrawing cash from ATMs. With this, skimming of ATM cards, card cloning can be avoided. After the proposal of the Reserve Bank, bank customers will now soon be able to withdraw cardless cash from any bank’s ATM. Due to this facility fraud can be prevented.
Facilities available in these banks
Let us tell you that this new facility has already started in some banks. Banks like SBI, ICICI, and Bank of Baroda are already providing this facility. For this, customers will have to register on the respective bank’s app or website and withdraw cardless cash. Cardholders of these banks can withdraw cash through their phones even without their debit cards.
