Cardless cash withdrawals to be made available at all banks, ATMs using UPI: RBI Governor
Premium- Cardless cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in the country
While announcing the monetary policy, the Reserve Bank of India (RBI) Governor Shaktikanta Das said it is proposed that the cardless cash withdrawals option will be made available to all banks and ATMs using the Unified Payments Interface (UPI). Currently, the facility is limited only to a few banks.
"The absence of need for a card to initiate cash withdrawal transactions would help in containing frauds like skimming, card cloning, device tampering, etc. 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 said in a statement.
Under the cardless cash withdrawal facility, individuals can withdraw cash without using any debit card at Automated teller machine (ATMs). The cardless withdrawal request can be initiated for a minimum of ₹100 per transaction and up to a maximum of Rs10,000 per day or ₹25,000 per month for a beneficiary (the limits are subject to change as per regulatory guidelines).
Card-less cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in the country on an on-us basis (for their customers at their own ATMs).
Das also said that net worth requirement for Bharat Bill Payments System Operating Units has been lowered to ₹25 crore from ₹100 crore.
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The monetary policy committee of the RBI held the lending rate, or the repo rate, at 4% and voted to keep its monetary policy stance "accommodative", though the Governor said that RBI will focus on ‘withdrawal of accommodation’ to control inflation.
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