Cardless Cash Withdrawals to be made available at all banks, ATMs using UPI: RBI Governor

Cardless Cash Withdrawals to be made available at all Banks, ATMs using UPI: RBI Governor.

RBI Governor:Shakti Kanta Das

On 8th April 2022 RBI Governor Shaktikanta Das while announcing the monetary policy for 2022-2023, has said it is proposed that the cardless cash withdrawal option will be made available to all banks and ATMs using the Unified Payments Interface (UPI).Now the service is limited only to a few banks within their own ATM machines.

"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," said Mr. Das  in a statement.

Under the cardless cash withdrawal facility, individuals can withdraw cash without using any debit card at Automated teller machine (ATMs) in their own bank atm as well as others bank’s atm machines. 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).

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Now cardless cash withdrawal is limited to a few banks in India on their own machines for their own customers. Mr. Das said the facility will be available very soon for all banks all over India. As UPI transactions are increasing rapidly, every individual using UPI will be able to withdraw money from atm machines using their mobile only.

So let’s see how long it takes to launch the awesome service by banks.