The Reserve Bank of India (RBI) on May 19 issued guidelines for interoperable card-less cash withdrawal at all banks and ATMs using the Unified Payments Interface (UPI) facility.
All banks, ATM networks and White Label ATM Operators (WLAO) may provide the option of card-less cash withdrawals at their ATMs, the central bank said in a release.
The National Payments Corporation of India (NPCI) has been advised to facilitate UPI integration with all banks and ATM networks, the RBI said.
While UPI would be used for customer authorisation in such transactions, settlement would be through the National Financial Switch (NFS) or ATM networks.
Such transactions shall be processed without levy of any charges other than those prescribed under the circular on Interchange Fee and Customer Charges, the RBI said.
Further, withdrawal limits for such transactions shall be in-line with the limits for regular ATM withdrawals, the central bank said in the release.
The central bank, in its April monetary policy meeting, had proposed to allow interoperability in cardless cash withdrawal transactions at all banks and ATMs using the UPI facility. The absence of need for a card to initiate cash withdrawal transactions would help in containing frauds like skimming, card cloning and device tampering, the central bank had said.
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