June 27, 2022 17:57 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Mann Ki Baat: PM Modi calls upon people to follow Covid protocols amid cases' surge | 'How long will you hide in Guwahati?' Sanjay Raut asks rebels | India records 11,739 new Covid-19 cases in past 24 hrs | Yogi Adityanath's helicopter makes emergency landing after bird hit | Ram Gopal Varma lands in fresh controversy over tweet on Droupadi Murmu
RBI issues directive on card-less cash withdrawal Cardless Withdrawal

RBI issues directive on card-less cash withdrawal

India Blooms News Service | @indiablooms | 20 May 2022, 02:53 pm

Mumbai: The Reserve Bank of India (RBI) has asked all banks and ATM service providers to offer a cardless cash withdrawal facility

RBI issued a directive, requiring all banks and ATM operators to offer ICCW (Interoperable Card-less Cash Withdrawal) at their machines with the objective to eliminate frauds such as skimming, card cloning and device tampering.

For such transactions, UPI will be used for customer authorisation and settlement will be through National Financial Switch (NFS) / ATM networks.

Some banks are already providing cardless cash withdrawal facility for their customers only in their ATMs.

"All banks, ATM networks and WLAOs (White Label ATM Operators) may provide the option of ICCW at their ATMs," the central bank said in a circular.

It further said the National Payments Corporation of India (NPCI) has been advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks.

"The on-us/off-us ICCW transactions shall be processed without levy of any charges other than those prescribed (on Interchange Fee and Customer Charges)," the RBI added.

The RBI said all other instructions related to harmonisation of turn around time (TAT) and customer compensation for failed transactions will continue to be applicable.

Related Images
FOHMA addresses press conference 01 Jan 1970, 05:30 am
Related Videos
PM Modi on Union Budget 2022-2023 01 Feb 2022, 06:28 pm
IBNS Live Business Chat 30 Dec 2021, 05:53 pm