Till now, only a few or big banks used to provide the service of cardless cash withdrawal. For this, there are special ATMs from where money is withdrawn without a card. Now this service is going to start in all banks and ATMs. All you have to do is carry your mobile phone which is registered with the bank.
Now customers can withdraw cash without card in all bank branches and ATMs.Cardless cash withdrawal) Will be able to do it. Reserve Bank of India (RBI) has approved it. On Friday, RBI approved interoperable cardless withdrawal which can be done through UPI. That is, the customer can now access UPI (UPI) in the branch of the bank or at any bank’s ATM.UPI Transaction) to withdraw cash without a card. Till now this cardless facility was available in only a few banks. It was given the green signal in the meeting of Reserve Bank of India on Friday. It is believed that RBI will issue a guideline to NPCI, ATM network and banks very soon regarding this.
Cardless withdrawal facility is available in few banks, that too on ‘on-us’ basis. That is, you can do cardless cash withdrawal from the ATM of the same bank in which you have an account. Now a big change is going to happen in this. Big banks like SBI, ICICI Bank and HDFC Bank provide this service, especially in ATMs with cardless transactions, you can withdraw money in this way. In this, the customer has to first register on the bank’s website or app. Afterwards the process of cardless cash withdrawal starts. Under the process, a PIN is received on the customer’s mobile phone which has to be entered at the ATM.
According to the new rules of RBI, now customers will be able to withdraw cash from any bank’s ATM without card. However, for this, UPI will have to be used. The purpose of cash withdrawal through UPI is to avoid fraud and to remove the menace of card skimming. Withdrawing cash by putting a card in an ATM can lead to many dangers. Such incidents have come to the fore before. To avoid this, cardless cash withdrawal is being started. That too from UPI. There will be no risk of card cloning in this. This has been mentioned in the Monetary Policy Review of RBI.
how will the system work
Till now we do not do cash withdrawal through UPI. However other transactions are done. For example, if someone has to recharge the phone, then the mobile company applies for payment by giving information about UPI on the company’s platform. His request comes on the customer’s mobile. The customer authorizes that request, only then the payment can be done through UPI. Similarly, cash withdrawal from ATM will also happen. The authorization of payment will have to be given through UPI, but the cash will be available from ATM only.
Cardless cash transfer or withdrawal
Some banks offer cash transfer facility without ATM card or cash withdrawal facility from ATM. It only requires a mobile number. Withdrawal and transfer can be done even if you have an account with any bank. In this, the beneficiary gets the money only through a debit or credit card.
For the first time the user or the beneficiary needs to register. The registration of the beneficiary is required to be done through netbanking and it is mandatory to do it once in the beginning.
- Login to NetBanking
- Select Fund Transfer Tab, Go to Request, Add Beneficiary, Go to Cardless Cash Withdrawal
- Enter beneficiary details, add it and click on confirm
- Confirm mobile number and enter OTP received for verification
(Please note that it will take 30 minutes for the beneficiary details to appear in your account after linking the beneficiary. Ref-https://www.hdfcbank.com/personal/ways-to-bank/online-banking/cardless -cash)
how to send money to beneficiary
- Login to NetBanking
- Choose Fund Transfer, Cardless Cash Withdrawal
- Select Debit Bank Account
- Select the beneficiary from the list of registered beneficiary (mobile number is auto-populated)
- Check beneficiary details, enter amount, click continue and confirm
- Confirm mobile number and enter OTP to validate the transaction
- The beneficiary will receive an SMS containing the OTP, nine-digit order ID and amount
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