The Reserve Bank of India on Thursday directed banks and ATM operators to make the card-less money withdrawal facility, or the ICCW (interoperable card-less money withdrawal), out there in any respect the ATMs throughout banks.
The central financial institution additionally stated Unified Payments Interface (UPI) will probably be used for buyer authorisation whereas withdrawing money from an ATM in a card-less transaction. Moreover, it additionally requested the National Payments Council of India (NPCI) to facilitate UPI integration with all banks and ATM networks.
All banks, ATM networks and WLAOs might present the choice of ICCW at their ATMs. NPCI has been suggested to facilitate UPI integration with all banks and ATM networks. While UPI could be used for buyer authorisation in such transactions, settlement could be by the National Financial Switch (NFS)/ATM networks,” the central financial institution stated in an announcement.
There will probably be interoperability between issuing banks and different financial institution ATMs for card-less money withdrawal facility. However, current money withdrawal limits from ATMs will stay in pressure.
The RBI in April stated it might give directions to NPCI, ATM networks and banks on the card-less money withdrawal facility. The central financial institution had famous that some banks have been permitting card-less money withdrawal for his or her clients at their very own ATMs. The card-less money withdrawal facility will assist curb frauds similar to cash skimming, card cloning and system tampering, the central financial institution stated.
Source: www.financialexpress.com”