With an aim to enhance customer experience and prevent instances of fraud, the Reserve Bank of India has mandated interoperable card-less withdrawal across all bank branches and ATMs. RBI will soon issue guidelines to ATM networks, NPCI, and banks to operationalize the service.
Shaktikanta Das, Governor, Reserve Bank of India said, “To encourage card-less cash withdrawal facility across all banks and all ATM networks and operators, it is proposed to enable customer authorization through the use of Unified Payments Interface while settlement of such transactions would happen through the ATM networks.”
Card-less cash withdrawal through ATMs will play a significant role in keeping a check on frauds such as card cloning, skimming, and device tampering, among others.
