The Reserve Bank of India (RBI) on Friday proposed to make the cardless cash withdrawal service available at all banks and Automated Teller Machine (ATM) networks using a Unified Payments Interface (UPI). ).

“At present, the possibility of cardless cash withdrawal through ATMs is limited to only a few banks. It is now proposed to make the cardless cash withdrawal function available in all banks and all ATM networks using UPI,” RBI Governor Shaktikanta Das said. said in its first monetary policy statement for fiscal year 2022-23.

Under the cardless cash withdrawal facility, a customer is not required to use their debit or credit card when withdrawing cash from ATMs.

“As well as improving the ease of transactions, the absence of the need for a physical card for such transactions would help prevent fraud such as card skimming, card cloning, etc.” -he declares.