RBI to allow cardless cash withdrawals

The Reserve Bank of India (RBI) proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the Unified Payments Interface (UPI).

At present, the facility of card-less cash withdrawal through ATMs is limited to only to a few banks. As per the central bank, card-less cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in the country on an on-us basis (for their customers at their own ATMs).

“Now you can send money from a bank account to anyone in India with a valid mobile phone number through card-less cash withdrawal. The beneficiary can then withdraw cash from the ATM without using a debit or an ATM card,” said Adhil Shetty, chief executive officer, Bankbazaar.com.