Soon, Cardless Cash Withdrawal at all Bank branches, ATMs via UPI

Cardless Cash Withdrawals Through ATMs via UPI: To prevent fraud, the Reserve Bank of India agreed on Friday to enable all banks to use card-less cash withdrawals through ATMs.

At the moment, cardless cash withdrawals from ATMs are a permitted form of transaction available "on-demand" (for their customers at their ATMs).

It is now suggested to use the UPI to make card-less cash withdrawals available across all banks and ATM networks.

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While announcing the bi-monthly monetary policy review, RBI Governor Shaktikanta Das stated, "The lack of a physical card for such transactions will help avoid fraud such as card skimming, card cloning, and other forms of fraud."

According to a statement on the development and regulatory policies, customers will be able to approve transactions through the Unified Payments Interface (UPI), with settlement taking place through ATM networks. According to the statement, separate instructions will be provided to NPCI, ATM networks, and banks soon.

The Bharat Bill Payment System (BBPS), he explained, is an interoperable bill payment network that has seen a growth in the number of bill payments and billers over time.

It is proposed that the non-bank Bharat Bill Payment Operating Units' net worth requirement be reduced from Rs 100 crore to Rs 25 crore to facilitate greater bill payment penetration through the BBPS and to encourage a greater number of non-bank Bharat Bill Payment Operating Units to participate in the BBPS.

MPC Live: Shaktikanta Das anticipates a rate rise soon.

For the 11th time in a row, the RBI sustains the repo rate at 4%.

Inflation is expected to be 5.7 per cent in 2022-23, according to the RBI's Monetary Policy Committee.