Sign In
Learn bits
Science & Tech., Economy
Mahesh

24/05/22 14:25 PM IST

Cardless cash withdrawals

In News 
  • In a move that could come as a relief for ATM users, all banks, ATM networks and White Label ATM Operators (WLAO) may now offer the option of interoperable card-less cash withdrawal at their ATMs.
Working
  • For Card-less Cash Withdrawal transactions, the Unified Payments Interface (UPI) facility will be used for customer authorization and settlement will be through the National Financial Switch (NFS) or the ATM networks.
  • For this, RBI asked the National Payments Corporation of India (NPCI) to facilitate the integration of UPI with all banks and ATM networks.
  • The withdrawal limits for ICCW transactions will be similar to ATM withdrawals. At present, cardless cash withdrawal through ATMs is offered by only a few banks like ICICI and HDFC.
Benefits 
  • According to the RBI Governor, not only will the service be convenient for users, it will also lessen the scope for frauds.
  • This is because the physical card will not be used for taking out cash, thus, chances of frauds such as skimming, card cloning, device tampering and so on might come down.

How will it work?
  • While withdrawing money from such ATMs, the users will need to choose cardless withdrawal-QR-UPI option and enter the amount they wish to withdraw before proceeding to the next page. (Note: The bank has capped the withdrawal at Rs 5,000 using the UPI mode at present).
  • Next step is to scan the QR code on ATM using BHIM, GooglePay or PayTm apps or scan it using your CUB UPI scanner in the mobile app.
  • Enter the pin and click on pay to continue. Finally, click on the ‘press here’ tab for cash option in the ATM machine and collect cash.
Source- Times Now 

More Related Current Affairs View All

05 May

Key objectives of caste count

'The Union Cabinet has decided that the next Census will include questions on caste to its enumeration of India’s population, for the first time in almost a century. ' T

Read More

05 May

2 new genome-edited rice varieties

'Agriculture Minister Shivraj Singh Chouhan recently released two genome-edited varieties of rice, the first achievement of its kind in the country.' These two varieties, which

Read More

05 Mar

First-ever comprehensive survey of India’s river dolphins

'Prime Minister Narendra Modi released the results of the first-ever comprehensive population estimation of riverine dolphins – Gangetic and Indus dolphins – done in In

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps