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Team Studycafe | May 21, 2022 | Views 26160

Know How Money can be Withdrawn from ATM without Card; RBI Implemented New Rule

Know How Money can be Withdrawn from ATM without Card; RBI Implemented New Rule

Now you will be able to withdraw money from any bank ATM without card. The Reserve Bank of India (RBI) has issued a new rule for withdrawing money from any ATM without a card. This facility will be available in all banks and ATM machines of the country.

The Reserve Bank of India has issued a circular on May 19, 2022, asking all banks to start this facility soon. This facility can be availed through Unified Payment Interface (UPI). It is the effort of RBI that in today’s era when online frauds are increasing, then how to make digital transactions safe.

The RBI’s Press Release:

“Interoperable Card-less Cash Withdrawal (ICCW) at ATMs

Please refer to paragraph 7 of Statement on Development and Regulatory Policies dated April 08, 2022, wherein the Reserve Bank of India (RBI) had announced introduction of ICCW.

2. All banks, ATM networks and WLAOs may provide the option of ICCW at their ATMs. NPCI has been advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks. While UPI would be used for customer authorisation in such transactions, settlement would be through the National Financial Switch (NFS) / ATM networks. The on-us / off-us ICCW transactions shall be processed without levy of any charges other than those prescribed under the circular on Interchange Fee and Customer Charges.

3. Withdrawal limits for ICCW transactions shall be in-line with the limits for regular on-us / offus ATM withdrawals. All other instructions related to Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions shall continue to be applicable.

4. This directive is issued under Section 10(2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).”

Know what is this system?

To withdraw money from the bank‘s ATM, you will not require the card. This service will be available around the clock. It is a secure form of money withdrawal. This technology will be used to create mobile PINs. The transaction will be executed through UPI under the cashless cash withdrawal facility. This option will only be available if you withdraw money from yourself. As of present, not all banks offer this service. A transaction limit will also be imposed.

How will this system work?

This service will be offered to savings account customers who use mobile or internet banking. This facility has been approved by some banks. Simply enter the code received on the smartphone into the bank’s cardless ATM. The maximum for such transactions is between 5,000 and 10,000 rupees.

For RBI Press Release Download PDF Given Below:

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