New Delhi: You’ll soon be able to withdraw cash from an ATM without using your ATM or debit card. The Reserve Bank of India’s (RBI) governor, Shaktikanta Das, said on Friday that the RBI has proposed making cardless cash withdrawals available at all ATMs across all banks in India.
The announcement was delivered by the governor during a three-day meeting of the Monetary Policy Committee. According to him, the new facility would be accessible via the Unified Payments Interface, or UPI.
With only a few banks in India now offering this service, the ability to withdraw cash without using ATM cards is currently fairly limited. “It is now proposed that cardless cash withdrawal services be made available via UPI across all banks and ATM networks,” Das explained.
According to the RBI governor, cash withdrawal without ATM cards not only simplifies transactions but also decreases the risk of fraud such as card skimming, card cloning, and others.
The cardless cash withdrawal system was used after COVID-19 entered the country, as many were hesitant to visit ATMs for fear of becoming infected with the virus. Currently, only a few banks provide this service to their consumers.
This service is available to customers of various banks, including ICICI Bank, Bank of Baroda, SBI, Axis, and a few more. They can withdraw money using their cards simply by using their cell phones.
Cardholders must utilize a mobile banking app to send a request to the bank in order to withdraw cash from an ATM.
According to experts, because it generates currency using a mobile PIN, this technology will eliminate ATM fraud.
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