- Reserve Bank of India (RBI) proposed to make card-less cash withdrawals available across all banks and ATM networks using the Unified Payments Interface (UPI) to boost card-less cash withdrawals.
- Only a few banks currently offer cardless cash withdrawals using ATMs.
- According to the central bank, cardless cash withdrawal using ATMs is a permissible form of transaction offered on a case-by-case basis by a few banks in the country (for their customers at their own ATMs).
- Through card-less cash withdrawal, you can now send money from a bank account to anyone in India with a valid mobile phone number.
- The beneficiary can then use the ATM to withdraw cash without having to use a debit or an ATM card.
- The lack of a physical card for such transactions would help avoid frauds such as card skimming, card cloning, and so on, in addition to making transactions easier.
Tags:
Economics
