Winning Business Desk

Mumbai. Soon all ATMs in the country will get the facility of withdrawing money without a card as the Reserve Bank of India (RBI) is working on this facility. Customer authorization will be done through Unified Payment Interface (UPI) to facilitate card-less cash withdrawal across all banks and all ATM networks, while such transactions will be settled through the ATM network.

Recently, RBI Governor Shaktikanta Das said that at present only a few banks have the facility to withdraw money from ATMs without a debit card. It is now proposed to provide cardless cash withdrawal facilities at all banks and ATM networks using UPI. This will help in preventing frauds like card skimming, card cloning along with increasing the ease of users.

It has banks like SBI, ICICI, Axis and Bank of Baroda. At present, mobile banking apps are used for cardless. This facility also has a transaction limit of 10,000 to 20,000. Some banks currently charge their customers additional transaction fees for this facility. After the new announcement by RBI, more banks are expected to join this facility to provide the service to their cardholders. It is also expected that the regulator will soon issue detailed guidelines for operation of the service to NPCI, ATM network and banks.