RBI proposes to make card-less cash withdrawal facility available across all banks, ATM networks using UPI
While announcing the monetary policy on Friday, the Reserve Bank of India (RBI) Governor Shaktikanta Das said RBI has proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the Unified Payments Interface (UPI).
RBI Governor said the absence of need for a card to initiate cash withdrawal transactions would help in containing frauds like card skimming, card cloning, etc.
However, Governor Shaktikanta Das clarified credit & debit cards will be continued.
Under the cardless cash withdrawal facility, individuals can withdraw cash without using any debit card at Automated teller machines (ATMs). The cardless withdrawal request can be initiated for a minimum of ₹100 per transaction and up to a maximum of ₹10,000 per day or ₹25,000 per month for a beneficiary while the limits are subject to change as per regulatory guidelines.