Coming soon: Card-less cash withdrawals at all ATMs via UPI

The Reserve Bank of India (RBI) on Friday (April 8) proposed to make card-less cash withdrawals through ATMs across all banks in India.

At present, the facility is available at only a few banks.

“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 while announcing the monetary policy.

“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.,” he added.

He also announced that RBI has proposed to set up a committee to examine and review the current state of customer service in the RBI-regulated entities.

“The Reserve Bank has over the years taken a number of measures to enhance consumer protection. These measures include laying down regulatory frameworks on customer service, internal grievance redress and the Ombudsman mechanisms.

“In view of the transformation underway in the financial landscape due to innovations in products and services, deepening of digital penetration and emergence of various service providers, it is proposed to set up a committee to examine and review the current state of customer service in the RBI Regulated Entities, adequacy of customer service regulations and suggest measure to improve the same,” he said.