New Delhi: The Reserve Bank of India (RBI) on Thursday issued guidelines for banks on interoperable card-less cash withdrawal at ATMs using the Unified Payments Interface (UPI) facility. In this regard, the central bank directed the banks, ATM networks and White Label ATM Operators (WLAO) to provide the option of cardless cash withdrawals at their ATMs.Also Read – Who Is SS Mundra, New Chairman Of BSE?
The RBI said the National Payments Corporation of India (NPCI) has also been advised to facilitate UPI integration with all banks and ATM networks. Also Read – April Wholesale Inflation At 15.08 Per Cent, Highest in 30 Years
Saying that the UPI would be used for customer authorisation in such transactions, the RBI said the settlement would be done through the National Financial Switch (NFS) or ATM networks. Also Read – Federal Bank FD Rates Hiked! Check Latest Rates Here
“Such transactions shall be processed without levy of any charges other than those prescribed under the circular on Interchange Fee and Customer Charges,” the RBI said in a statement.
The RBI added that the withdrawal limits for such transactions shall be in-line with the limits for regular ATM withdrawals.
The development comes as the central bank during its April monetary policy meeting had proposed to allow interoperability in cardless cash withdrawal transactions at all banks and ATMs using the UPI facility.
The RBI further added that the cardless cash transactions shall be processed without any charges.
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