Cardless Cash Withdrawal To Be Made Available At All Bank Branches And ATMs Via UPI

RBI Governor Shaktikanta Das on Friday announced that card-less cash withdrawal facility will be available across all banks and ATM networks using the UPI. The step is taken to enhance the ease of the transaction process and would also help to stop and prevent frauds like card skimming, card cloning, etc.

“At present, the facility of card-less cash withdrawal through ATMs is limited only to a few banks. 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 ease of transactions, the absence of the need for physical card for such transactions would help prevent frauds such as card skimming, card cloning, etc,” said RBI Governor Shaktikanta Das.

Governor also talked about the Bharat Bill Payment System (BBPS) and said that over the years the platform has seen an increase in the volume of bill payments and billers.

“Bharat Bill Payment System (BBPS), an interoperable platform for bill payments, has seen an increase in the volume of bill payments and billers over the years,” said Governor.

“To further facilitate greater penetration of bill payments through the BBPS and to encourage 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 ₹100 crore to ₹25 crore,” Governor added.