Breaking: Cardless Cash Withdrawal Now An Option At All ATM’s

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RBI’s governor Shaktikanta Das annnounced on today that the RBI has proposed a system wherein now cardless facilities will be available in all ATM’s. The facilities will be available to customers who have UPI ID or net banking. By just typing the UPI ID, one can take out cash without using cards, thereby announcing the scheme of cardless cash system.

“At present the facility of cardless cash withdrawal through ATMs is limited only to  a few banks. It is now proposed to make cardless cash withdrawal facility available across all banks and ATM networks using the UPI,” Das said while making the announcement. “In addition to enhancing ease of transactions, the absence of the need for physical cards for such transactions would help prevent frauds such as card skimming, card cloning, etc,” the RBI governor added.

Shaktikanta Das also announced that the RBI will review customer service standards in RBI regulated entities. “In view of the transformation underway due to the innovations, products and services and deepening of the digital penetration and emergence of different service providers, it is proposed to set up a committee to examine and review the current state of customer service in all the RBI regulated entities,” he said during the RBI MPC meet announcement.

Story By- Saayak Karmakar, Resident Editor, Interview Times

Image Source- Google

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