Cardless ATM Cash Withdrawal: Soon you will be able to withdraw money from any bank’s ATM without a card.
Cardless ATM cash withdrawal with UPI: Soon you will be able to withdraw money from any bank’s ATM without a card. RBI has issued ‘Statement on Development and Regulatory Policies’ today, according to which cash withdrawal from ATMs of any bank will be possible soon with the help of UPI. This facility is still there, but for this you have to go to the ATM of the same bank whose card you have. However, only a few banks are providing this facility.
Will help in preventing fraud
Some banks are currently allowing their customers to withdraw money from their ATMs without a card, but now the RBI is trying to expand its scope. According to the central bank RBI, withdrawal of money without a card will help in preventing frauds like skimming, card cloning, device tampering.
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Identity of customers will be authenticated through UPI
RBI has put forward a proposal to provide card-less cash withdrawal facility to all banks and their entire ATM networks/operators. Under this, when any cash transaction is done through the ATM network, the identity of the account holders will be authenticated through the use of Unified Payments Interface (UPI). The central bank RBI will issue separate guidelines for NPCI (National Payments Corporation of India), ATM networks and banks after some time.