RBI directs banks and ATMs on cardless cash withdrawals. Read here
The central bank has directed the National Payments Corporation of India (NPCI) to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks
The Reserve Bank of India (RBI) on Thursday asked all banks and ATM operators to make cardless cash withdrawal facility, known as ICCW (Interoperable Card-less Cash Withdrawal), available at all ATMs across all banks in India.
The central bank has directed the National Payments Corporation of India (NPCI) to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks.
In a statement, the RBI said, “While UPI would be used for customer authorisation in such transactions, settlement would be through the National Financial Switch (NFS)/ATM networks.
The RBI notice said that the card-less cash transactions shall be processed without levy of any charges.
Withdrawal limits for ICCW transactions shall be in-line with the limits for regular on-us / off-us ATM withdrawals, the central bank said.
It added, “All other instructions related to Harmonisation of Turn Around Time (TAT) and customer compensation for failed transactions shall continue to be applicable.”
Source By : livemint