Mumbai: In another push for cardless transactions, 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 unified payments interface (UPI).
“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,” RBI Governor Shaktikanta Das said in his first monetary policy statement for the financial year 2022-23.
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.
“In addition to enhancing the ease of transactions, the absence of the need for a physical card for such transactions would help prevent frauds such as card skimming, card cloning, etc,” he said.
(With ANI inputs)