Mumbai: In a step aimed at checking fraud, the Reserve Bank of India on Friday said it will soon permit all banks to introduce card-less cash withdrawal through ATMs.
At present, card-less cash withdrawal through ATMs is offered by a few banks in the country.
“It is now proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the UPI. In addition to enhancing ease of transactions, the absence of the need for physical card for such transactions would help prevent frauds such as card skimming, card cloning, etc,” RBI Governor Shaktikanta Das said while announcing bi-monthly monetary policy review.
It has been proposed to enable customer authorisation through the use of Unified Payments Interface (UPI) while settlement of such transactions would happen through the ATM networks.