Cardless ATM money withdrawal with UPI: Soon, bank customers will be capable of making cardless money withdrawals from ATMs of any bank with the assistance of UPI, in line with RBI’s ‘Statement on Developmental and Regulatory Policies’ issued in the present day (April 8, 2022).
The Reserve Bank of India mentioned that cardless money withdrawal via ATMs is a permitted mode of the transaction offered by a few banks in the country on an on-us basis (for their clients at their own ATMs).
However, the central bank noted that the absence of a necessity for a card to initiate cash withdrawal transactions would assist in containing frauds like skimming, card cloning, device tampering, etc.
“To encourage card-less money withdrawal facility throughout all banks and all ATM networks/operators, it's proposed to allow customer authorization by using Unified Payments Interface (UPI) whereas settlement of such transactions would happen via the ATM networks,” the statement mentioned.
RBI will issue separate directions to NPCI, ATM networks, and banks shortly in this regard.
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