RBI has proposed a cardless cash withdrawal facility for all ATMs. According to RBI Governor Shaktikanta Das, “Cardless cash withdrawal facility is proposed from all banks and ATMs.
Reserve Bank of India (RBI) has proposed a cardless cash withdrawal facility for all ATMs. According to RBI Governor Shaktikanta Das, “Cardless cash withdrawal facility is proposed from all banks and ATMs. Customers will be able to withdraw money through UPI. Let us know what is this new feature? And how it can be taken advantage of-
What is a Cardless Cash Withdrawal Facility?
In this facility, the customer does not have to use his/her debit card to withdraw cash from the ATM. Instead, customers will have to use UPI. Sonali Kulkarni, who leads the financial team at Accenture In India, says that there is no clear information about this yet. Soon this UPI option will be visible in ATM
How will this UPI system work?
Sonali Kulkarni explains it in detail-
- Customers have to fill in the request details at the ATM.
- The ATM will then generate a QR code.
- Customers will scan the QR code through the UPI app. After that, the request will be approved.
- Now you will be able to withdraw money from ATM.
Option 2 (Touch Screen ATM)
- The customer has to write the UPI ID and the amount in the ATM.
- The request will come on its UPI phone app. Approve it through a password.
- You will be able to withdraw the cash after this process is successful.
Which bank has this facility now?
The cardless cash withdrawal facility is available at State Bank of India (SBI), HDFC Bank, ICICI Bank, and Punjab National Bank (PNB) at certain locations.