ATM Cash Withdrawal: Now soon you will be able to withdraw money from ATM without a card, RBI has implemented a new rule

If you are going to withdraw money at ATM and have forgotten your card at home, then do not worry, now you can withdraw money from ATM even without a card. The Reserve Bank of India (RBI) has issued rules regarding cardless cash withdrawals. This facility will soon be started in all the banks and ATMs of the country.

RBI issued circular

According to a report, RBI issued a circular on May 19, 2022, directing all banks to start this facility soon. This facility will be available 24 hours a day. In fact, in the meeting of the MPC held on April 8, 2022, this facility was announced by the Reserve Bank. The RBI governor had said that this new rule is being brought to make digital transactions safe, because of the ever-increasing online fraud and incidents like card cloning at ATMs, so that the general public is not harmed.

Withdrawals can be done through UPI

Under the card-less cash withdrawal facility, now with the help of UPI, money can be withdrawn from any bank's ATM without using a debit card. Let us inform here that some selected banks are already providing this cardless facility to their customers. But, now after issuing the circular of RBI, soon all the banks will have to provide this facility at their ATMs. Mobile PIN will have to be generated through this system. In a cashless cash withdrawal facility, the transaction will be completed through the Unified Payment Interface (UPI). This facility will be available only for withdrawing money from yourself. Along with this, the transaction limit will also be fixed. According to the report, the limit of such transactions is 5 thousand to 10 thousand rupees.

The identity of account holders will be certified

It is worth noting that while announcing this facility on behalf of RBI, it was told that it has been proposed to provide a card-less cash withdrawal facility in all banks and their entire ATM networks/operators. Through this facility, when a person withdraws money from an ATM, the identity of that account holder will be authenticated through the use of the Unified Payments Interface (UPI). In this way, the cases of fraud will be fewer.

Fraud cases on the rise

There is a steady increase in the cases of fraud with people withdrawing money through ATMs. According to the central bank RBI, withdrawal of money without a card will help in preventing frauds like skimming, card cloning, and device tampering. This is the main reason why the central bank is going to increase the cardless cash withdrawal facility.

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