In order to keep a check on fraud, the Reserve Bank decided to permit all banks to introduce card-less cash withdrawal through ATMs.
Currently, card-less cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in the country on an on-us basis (for their customers at their own ATMs).
“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.
