Cashless ATM: Card-less cash withdrawal facility across all banks’ ATM network soon: RBI | India Business News – Times of India

MUMBAI: In a bid to verify fraud, the Reserve Financial institution on Friday determined to allow all banks to introduce card-less money withdrawal via ATMs.
At the moment, card-less money withdrawal via ATMs is a permitted mode of transaction supplied by a number of banks within the nation on an on-us foundation (for his or her prospects at their very own ATMs).
“It’s now proposed to make card-less money withdrawal facility accessible throughout all banks and ATM networks utilizing the UPI. Along with enhancing ease of transactions, the absence of the necessity for bodily card for such transactions would assist forestall frauds corresponding to card skimming, card cloning, and many others,” RBI governor Shaktikanta Das mentioned whereas asserting bi-monthly financial coverage assessment.
It’s proposed to allow buyer authorisation via the usage of Unified Funds Interface (UPI) whereas settlement of such transactions would occur via the ATM networks, a press release on Developmental and Regulatory Insurance policies mentioned.
Separate directions could be issued to NPCI, ATM networks and banks shortly, it mentioned.
With regard to Bharat Invoice Cost System (BBPS), he mentioned, it’s an interoperable platform for invoice funds, which has seen a rise within the quantity of invoice funds and billers through the years.
To additional facilitate better penetration of invoice funds via the BBPS and to encourage participation of a better variety of non-bank Bharat Invoice Cost Working Items within the BBPS, it’s proposed to scale back the online price requirement of such entities from Rs 100 crore to Rs 25 crore.
The mandatory modification to rules can be carried out shortly.
Customers of BBPS take pleasure in advantages like standardised invoice cost expertise, centralised buyer grievance redressal mechanism, prescribed buyer comfort payment, and many others.
BBPS is an interoperable platform for invoice funds and the scope and protection of BBPS extends to all classes of billers who increase recurring payments.
It’s noticed that there has not been a corresponding development within the variety of non-bank Bharat Invoice Cost Working Items (BBPOUs).
Observing that cost methods play a catalytic function in facilitating monetary inclusion and selling monetary stability, the assertion mentioned, sustaining the security and safety of those methods is a key goal of RBI.
With better adoption of digital cost modes, it is very important make sure that cost system infrastructures should not solely environment friendly and efficient but in addition resilient to traditional and rising dangers, particularly these regarding cyber safety, it mentioned.
“To make sure that our cost methods stay resilient to traditional and rising dangers, particularly these regarding cyber safety, it’s proposed to difficulty tips on Cyber Resilience and Cost Safety Controls for Cost System Operators,” he mentioned.


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