The Reserve Bank of India ( RBI ) has recently allowed the introduction of cardless cash withdrawal from ATMs. This withdrawal will happen through UPI. However , RBI has not yet clarified how cash can be withdrawn from ATMs through UPI.
It is certain that there will be no need to put a card in the ATM, but nothing is clear about how the notes will be removed from UPI. Cardless cash withdrawal is still possible from ATMs, but this facility is not available in all banks and their ATMs. After entering the OTP in this, money is withdrawn from the ATM.
In the recent Monetary Policy Meeting (MPC) of RBI, Governor Shaktikanta Das said that this facility can be availed through UPI in all ATMs. In such a situation, it has become necessary to know how to withdraw money from ATM with the help of UPI, that too without ATM card.
How to get money out of UPI
A source with knowledge of the matter told ‘ Indian Express ‘ that a separate option of UPI will be given in ATMs. After selecting this option, the customer will have to enter the amount of money to be withdrawn. After this, the QR code will be generated in the ATM machine from UPI. This code has to be scanned from the UPI app of the mobile phone. After that the PIN has to be entered. After doing this much money will be withdrawn from the ATM.
The Reserve Bank believes that by having cash withdrawal from UPI, such dangers can be avoided. Online frauds like card cloning, card skimming can be relieved. Since the card will not be used at ATMs, the risks associated with the card will be eliminated. Such frauds have become a serious problem for the banking system nowadays.
How is Cardless Withdrawal now?
At present, some big banks offer the facility of cardless cash withdrawal from ATMs. ICICI Bank, Kotak Mahindra Bank, HDFC Bank and SBI Bank are named in this. Money can be withdrawn from ATMs of these banks without debit card. Actually, for this, you have to install the bank’s app in your mobile phone. The option of cardless cash withdrawal is given in the app. First you have to enter the amount in the app and give the request. After that a secret code (Order ID) will be received which has to be entered in the ATM. An OTP is matched on the registered mobile number which has to be entered at the ATM. Only after that the money is withdrawn from the ATM. There are also special types of ATMs for this service. Cardless cash withdrawal facility is not provided in all ATMs.
There are certain restrictions on cardless cash withdrawal. For example, you cannot withdraw money from ATM as much as you want. There is a limit to the maximum starting from a minimum of Rs.100. Banks decide this limit according to their own. For example, one can withdraw only Rs 10,000 in a day and Rs 25,000 in a month from HDFC Bank. Also, there is a charge for cardless cash withdrawal which is Rs 25 per transaction. Nothing is clear about what will be the rules for cardless cash withdrawal from UPI based ATMs and whether any charges will also be payable.
