Cardless Cash Withdrawals is the new buzzz!
The Reserve Bank of India (RBI) on Friday proposed to make a cardless cash withdrawal facility available across all banks and automated teller machine (ATM) networks using a unified payments interface (UPI).
What is a cardless cash withdrawal?
The cardless cash withdrawal facility does not require bank customers to use their debit or credit cards while withdrawing cash from ATMs.
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Under the card-less cash withdrawal facility, a customer is not required to use his/her debit or credit cards while withdrawing cash from ATMs.
This system uses a mobile PIN to generate cash.
The cardless cash withdrawal system uses the UPI facility to carry out the work.
The cardless cash withdrawal facility can be used for the self-withdrawal of money.
However, not many banks have this facility yet and there is a daily transaction limit.
The cardholder mostly has to use a mobile banking app and raise a request to withdraw cash at the ATMs if they do not possess their debit cards.
Banks have a cardless cash withdrawals facility!
Cardholders of various banks including SBI, ICICI Bank, and Bank of Baroda, among others, can withdraw cash even without their debit cards, through their phones.
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