Important Update: Card-less withdrawals from ATMs. Know details here

Separate instructions would be issued to NPCI, ATM networks, and banks shortly, a statement on Developmental and Regulatory Policies said,

To check fraud, the Reserve Bank (RBI) on Friday decided to permit all banks to introduce card-less cash withdrawals through ATMs.

Currently, cardless cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in the country on an on-us basis (for their customers at their ATMs).

“It is now proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the UPI. In addition to enhancing the ease of transactions, the absence of the need for a physical card for such transactions would help prevent frauds such as card skimming, card cloning, etc,” RBI Governor Shaktikanta Das said while announcing a bi-monthly monetary policy review

It is proposed to enable customer authorization through the use of Unified Payments Interface (UPI) while settlement of such transactions would happen through the ATM networks, a statement on Developmental and Regulatory Policies said.

About Bharat Bill Payment System (BBPS), he said, it is an interoperable platform for bill payments, which has seen an increase in the volume of bill payments and billers over the years.

To further facilitate greater penetration of bill payments through the BBPS and to encourage the participation of a greater number of non-bank Bharat Bill Payment Operating Units in the BBPS, it is proposed to reduce the net worth requirement of such entities from Rs 100 crore to Rs 25 crore.

The necessary amendment to regulations will be carried out shortly. Users of BBPS enjoy benefits like a standardized bill payment experience, centralized customer grievance redressal mechanism, prescribed customer convenience fee, etc.

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