Tuesday, 27 September 2022

Steps How to withdraw cash from an ATM through UPI without a card

Steps How to withdraw cash from an ATM through UPI without a card

The (RBI) Reserve Bank of India has recently announced that the cardless cash withdrawal system has been made available in all bank ATMs and branches across India. This will be made available to all bank customers with the help of the Unified Payments Interface, or UPI, developed by the NPCI. This was one of the critical decisions made at the Monetary Policy Committee (MPC) meeting of the RBI.

 Shaktikanta Das said while making the announcement.

"Currently the facility of cardless cash withdrawal through ATMs is limited only to a Limited banks. It is now proposed to make withdrawal cardless cash facility available across all ATM and banks networks through UPI,"

The RBI governor added.

"Additionally to enhancing smooth transactions, the absence of or need for physical cards for such transactions would help stop or prevent frauds such as card skimming, card cloning, etc,"

How does Cardless Cash Withdrawal System Work?

As the name suggests, a cardless cash withdrawal facility does not require bank customers to use their credit or debit cards while withdrawing cash from ATMs. The Reserve Bank of India has not mentioned how the system will work through UPI, but it has been expected that bank ATMs will now have the option. After entering their UPI pin, the user can scan a QR code and withdraw cash.

Read More: EPFO reduce interest rate to 8.1% for 2021-22

Steps Withdraw Cash Without Cards at Present?

A few banks like SBI, Kotak Mahindra Bank, HDFC Bank, and ICICI Bank allow their customers to withdraw cash without using a card.

For an SBI customer who wants to withdraw more than Rs 10,000, check the steps:

  1. Download the SBI mobile banking app, YONO
  2. Visit your nearest bank ATM.
  3. Select the option to withdraw YONO cash
  4. After you enter the amount, a screen will pop up to assist you in entering the OTP.
  5. Cardholders will get the OTP which they have to enter into the ATM screen to complete the transaction

Currently, there is a daily transaction limit for cardless cash withdrawal from Rs 10,000 to Rs 25,000, as per the facilities offered by the particular bank.

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