Cash will come out without debit-credit card, RBI has made this special plan! View complete process

The Reserve Bank of India (RBI) has recently proposed to introduce Cardless Cash Withdrawl at all ATMs across the country. This will be accomplished through Unified Payment Interface (UPI). The cardless withdrawal service was recently announced by RBI Governor Shaktikanta Das. Das, in his first monetary policy for the financial year 2022-23, said that it now proposes to provide cardless withdrawal facility across all bank and ATM networks using UPI.

What is Cardless Cash Withdrawl?
In simple words, this service will allow anyone to withdraw money from ATMs without using their debit or credit cards. Emphasizing on how cashless transactions will work, Sonali Kulkarni, Lead for Financial Services Accenture in India said that ATMs will soon show the option to withdraw cash using UPI. Kulkarni mentioned two ways how cardless ATM withdrawal can work, but still the fine process is not very clear.

Cardless ATM Withdrawal Process 1 Using UPI

  • The customer has to enter the request details at the ATM terminal
  • The ATM will then generate a QR code.
  • The customer then scans the QR code using the UPI app and accepts the request.
  • After this the cash will be withdrawn from the ATM.

Cardless ATM Withdrawal Process 2 Using UPI

  • First of all, users will have to enter their UPI ID and withdrawal amount at the ATM terminal.
  • Users will then receive a request on a UPI app
  • They will have to approve the transaction using the existing UPI app password.
  • After successful authentication, the cash will be dispensed at the ATM.