The Governor of the Reserve Bank of India, Shaktikanta Das, announced on Friday that the RBI has proposed making cardless cash withdrawals available at all ATM networks. Das stated that the service would be provided through the Unified Payments Interface, or UPI platform. The regulator is expected to issue guidelines to NPCI and ATM networks soon in order for the services to be operationalized.
Das claimed that “At present the facility of cardless cash withdrawal through ATMs is limited only to a few banks. It is now proposed to make cardless cash withdrawal facilities available across all banks and ATM networks using the UPI.”
Furthermore, the RBI governor said, “In addition to enhancing ease of transactions, the absence of the need for physical cards for such transactions would help prevent frauds such as card skimming, card cloning, etc.”
Adhil Shetty, CEO of BankBazaar.com said, “Today’s announcement opens the door for interoperability for cardless withdrawal across all ATMs of all banks. This will enable ease of transaction and further strengthen UPI as an all-round payment option.”
