Important announcement of Reserve Bank of India
New Delhi – The Reserve Bank of India (RBI) Governor has made important announcements to curb digital fraud. Under this, the RBI has permitted all banks to initiate cardless money withdrawal facilities on their ATMs. Cardless money withdrawal means money can be withdrawn from ATMs without using ATM Debit or Credit card. Until now, only a few banks were providing this facility in the country. This facility is available to the customers only when they visit the ATM of the respective bank. This service will now be expanded.
RBI has proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the Unified Payments Interface (UPI): @DasShaktikanta, Governor, Reserve Bank of India pic.twitter.com/d8daReFQYQ
— All India Radio News (@airnewsalerts) April 8, 2022
RBI Governor Shaktikanta Das said a cardless money withdrawal facility is proposed through UPI (Unified Payment Interface) in all banks and ATM networks. The cardless money withdrawal facility will curb things such as Card Skimming (a method of stealing the technical information and PIN of the ATM card). Cardless money withdrawal from ATMs will utilise a mobile app. This complete system works using OTP (One Time Password) on the mobile phone.