Even if you do not have a bank card and want to withdraw money from an ATM, it can also be withdrawn. RBI has asked all banks to provide facility to withdraw money without using the card. However, some selected banks including SBI have already given this facility. But now after the instructions of the central bank, every bank and ATM of the country will be able to withdraw money.
In this regard, the Reserve Bank on Thursday asked all banks to provide the option of Interoperable Card-less Withdrawal (ICCW) to customers. Its goal is to prevent things like fraud, card cloning, device tampering. A circular has been issued by RBI regarding this facility and it has been said that they can start the ICCW facility.
The circular further stated that all banks have been advised to the National Payments Corporation of India (NPCI) to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks.
No additional fee will be charged
The central bank said that for this facility, banks will not charge any charges other than interchange and customer charges as before. Apart from this, the withdrawal limit will also be the same as the card withdrawal limit as before.
What happens if the transaction fails
The central bank said that if money is deducted from the bank account while using this facility and you do not get it, then it will reach your account after some time as before. In case of failure of the transaction, all other instructions will be applicable.
what will be the process
To use this facility offered by SBI and ICICI Bank, customers need to register on the respective bank’s app or website and make cardless cash withdrawals at ATMs. The customer then gets a PIN, which needs to be punched into the system for withdrawal. After that you can do your transaction.