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HomeKnowledge UtilityBig announcement of Reserve Bank, now every ATM will have cardless withdrawal...

Big announcement of Reserve Bank, now every ATM will have cardless withdrawal facility

Now we will have cardless withdrawal facility at ATMs.

Governor Shaktikanta Das said that the facility of cardless cash withdrawal with the help of UPI will now be available at ATMs of all banks. With this, any kind of fraud can be prevented during the transaction.

digital fraud (Digital FraudAmidst the increasing cases of ) the Reserve Bank has taken a big decision to stop it. Governor Shaktikanta Das (Shaktikanta Das) said that cardless cash withdrawal with the help of UPI (Cardless cash withdrawal) facility will now be available at ATMs of all banks. With this, any kind of fraud can be prevented during the transaction. At present, the facility of cardless cash withdrawal from ATMs is available only at the ATMs of few banks. Now it has been decided to expand this facility. The Reserve Bank said that now cash withdrawal can be done from any bank’s ATM with the help of UPI without a card. This can reduce the risk of card cloning, card skimming if the card is not required for cash withdrawal.

In a statement issued by the Reserve Bank, it was said that if the facility of cardless withdrawal is available at all the banks’ ATMs, then incidents like card cloning, skimming, device tampering can be controlled. To prevent ATM fraud, the facility of cardless withdrawal has to be introduced. That is why even now the facility of cardless cash withdrawal is being started at the ATMs of banks. The facility of cardless withdrawal will be done with the help of customer authorization. Customer authorization will be enabled with the help of UPI.

Cardless withdrawal up to 25 thousand in a month

Under the facility of cardless withdrawal, an individual can withdraw cash at ATMs without the help of a debit card. Cardless withdrawal can be as low as Rs 100, maximum Rs 10,000 in a day or up to Rs 25,000 in a month. Any decision regarding the limit will be taken on regulatory basis. Governor Das said that in the meeting of the Monetary Policy Committee, the net worth for Bharat Bill payment has been reduced from 100 crores to 25 crores.

Transaction is completed with the help of OTP

Actually, cash withdrawal from ATM without card is done through the mobile app. This entire system works through OTP and on the basis of OTP, you can withdraw cash through mobile application. Before cash withdrawal, OTP is sent to the registered mobile of the customer after which the withdrawal process proceeds. Cashless withdrawal facility is available at ATMs of State Bank of India, Bank of Baroda, Punjab National Bank, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank.

Also read, Governor Das told what is the 2 biggest challenge of Indian economy, Ukraine Crisis ruined everything

Also read, RBI Monetary Policy Updates: No change in interest rates for the 11th time in a row, GDP growth forecast reduced

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