RBI: Cardless withdrawals from any bank’s ATM in India

By Raju Khan I.

RBI: Cardless withdrawals from any bank’s ATM in India


       RBI Governor Mr. Shaktikanta Das on 8 April 2022.

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The Governor of Reserve Bank of India, Mr. Shaktikanta Das has said in a statement today i.e. on April 8, 2022 that his plan is to allow all bank ATMs in the country to withdraw inter-operable cardless cash. The Governor said in the monetary policy announcement that such cash withdrawal facility is feasible through Unified Payment Interface and can be accomplished using UPI.

Cardless cash withdrawal facility is currently limited in some banks. Read the complete information about the cardless cash withdrawal facility which is given below.


What is interoperability and how to withdraw cash from cardless

Interoperability is basically a property that allows the sharing of systems and resources. It has the ability to share data between machines. As of now, there are few banks which allow their customers to withdraw cardless cash from ATMs. In the current situation if you are a customer of State Bank of India (SBI) And if you withdraw cardless cash, then you will have to go to the SBI ATM which is nearby and complete your transaction. Once interoperability is implemented, customers of other banks can also withdraw money from ATMs without ATMs.

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(1) Why is this facility allowed?

Nowadays UPI payment system has become very popular. That's why RBI has decided to adopt this system. Till now the UPI payment system was quite limited, but due to its popularity, now it is becoming everyone's choice. After today's announcement of the Governor, it has become easy for all the banks to use interoperability. It has become very easy to give and take.

 (2) How will the method work if it is spread out?

At present, not all banks offer the facility to withdraw UPI linked cash. How it works in case of banks doing this: Note that currently, the bank has set a withdrawal limit of Rs 5000 using UPI mode. Next, scan the QR code at the ATM using BHIM app or other app, double check the amount in the mobile app, enter the PIN and click on payment to continue. The last step is to click on the 'Press Here' tab for cash option in the ATM machine and deposit your cash.

While some banks have enabled this UPI-linked cash withdrawal facility already, it's great to see that all banks would soon support this feature, which would further increase convenience and improve security.. 

(3) What to do if ATM Withdrawal Failed?

If you withdraw cash from an ATM and your transaction fails but money is debited from your bank account, then in such a situation, you should immediately inform the bank. The money is deposited in your account within seven days.

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Conclusion: Now withdrawing cash from ATM has become even easier, even if you do not have a debit card, you can withdraw cash with this new technology that Governor India India has announced. enjoy it

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