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Cardless cash withdrawal to be introduced at all bank ATMs
April 08, 2022
Reserve Bank of India on Friday, April 8 announced that it has proposed to make a cardless cash withdrawal facility available at all ATMs across all banks in India.
As of now, the facility of card-less money withdrawal through ATMs is limited to a few banks only.
“It is now proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the UPI. As well as improving ease of transactions, the shortfall of the requirement for a physical card for such transactions would help prevent frauds, for example, card skimming, card cloning, and so on,” the RBI governor said.
RBI Governor Shaktikanta Das was announcing decisions made at the three-day Monetary Policy Committee meet. Das said that the facility is proposed to be made available through the Unified Payments Interface or UPI.
“In addition to enhancing the ease of transactions, the shortfall of the requirement for physical cards for such transactions would help prevent frauds, for example, card skimming, card cloning, and so forth,” the RBI lead representative added.
A cardless cash withdrawal facility does not require a bank client to use their debit or credit cards while pulling out cash from ATMs. The framework is available at different banks and was introduced in the wake of the Covid-19 pandemic when a few groups of people were reluctant to go to ATMs.reserv
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