International Finance
FeaturedFinance

Cardless cash withdrawal from ATMs soon

IFM-Card-less-withdrawal-image
Cashless withdrawal will curb frauds, cloning, card tampering etc

The Reserve Bank of India last week, as a part of the monetary policy, announced that customers will soon be able to withdraw money using the UPI platform across the bank’s ATM network. This will not only increase customer convenience, but will also curb any kind of frauds such as skimming, card cloning, device tampering, said Shaktikanta Das, Governor of RBI.

In order to explain the working, the regulator is still expected to issue details on the same with the National Payments Corporation of India (NPCI) as well as to banks and ATMs.

Several banks have already allowed the mode of transaction “on-us basis”. These banks include ICICI Bank, Kotak Mahindra Bank, HDFC Bank and SBI. All these banks allow customers to withdraw their cash without a card.

On promoting cashless payments, Shaktikanta Das in his MPC statement said, “Aiming to go for the card-less cash withdrawal facility, which will soon be available in all the banks as well as ATMs and operators. It has been proposed that in order to enable customer authorization with the use of UPI while at the same time transactions would happen through the ATM networks.”

What's New

Business Leader of the Week: Meet Tan Su Shan, DBS Group’s new boss

IFM Correspondent

Vision 2030 reshaping women’s lives in Saudi Arabia: Princess Reema

IFM Correspondent

Start-up of the Week: Meet Freeform, new player simplifying 3D printing methods

IFM Correspondent

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.