Card-less cash withdrawal at all banks’ ATM network soon: RBI
New Delhi, April 8
In a bid to check fraud, the RBI on Friday decided to permit all banks to introduce card-less cash withdrawal through ATMs.
Move to prevent skimming, cloning
- Currently, card-less cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in the country at their own ATMs
Currently, card-less 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 own ATMs).
“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,” RBI Governor Shaktikanta Das said while announcing bi-monthly monetary policy review.
It is proposed to enable customer authorisation 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.
