Now ATM card will not be required to withdraw money from banks. Actually RBI is now bringing a new rule under which money can be withdrawn from banks through UPI. This information was given by the Governor of Reserve Bank of India (RBI) Shaktikanta Das while announcing the monetary policy. He said that it has been proposed that cardless cash withdrawal option will be made available for all banks and ATMs using Unified Payments Interface (UPI). At present, this facility is limited to only a few banks.
RBI said in its statement that, “Introducing cardless cash withdrawal transactions will help prevent frauds like skimming, card cloning, device tampering, etc. It is proposed to initiate the process of cash withdrawal through UPI using customer authorization and transactions through ATMs only.
Under the cardless cash withdrawal facility, a person can withdraw cash at an ATM without using any debit card. In cardless withdrawal requests can be started from a minimum of Rs 100 to a maximum of Rs 10 thousand per day or ₹ 25,000 per month for an individual. (Instructions in this regard will be issued) Simultaneously, citing the impact of the Russo-Ukraine war, the economic growth rate has been reduced by 0.6 percent to 7.2 percent for 2022-23. Also, the inflation forecast has been raised to 5.7 percent from 1.2 percent.