Card-Less Cash Withdrawals stage across All ATMs set by RBI

All banks have been urged by the Reserve Bank of India (RBI) to offer consumers the option of Interoperable Card-less Cash Withdrawal (ICCW) at their ATMs. At their ATMs, all banks, ATM networks, and WLAOs may offer the option of ICCW. The National Payments Corporation of India (NPCI) has been advised to make Unified Payments Interface (UPI) integration with all banks and ATM networks as simple as possible. Customer authorization would be done using UPI, but settlement would be done through the National Financial Switch (NFS) / ATM networks. The on-us / off-us ICCW transactions shall be conducted without the imposition of any costs other than those set forth in the Interchange Fee and Customer Charges Circular in a notification.

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KEY POINTS:

• Withdrawal limitations for ICCW transactions will be the same as those for ordinary on-site and off-site ATM withdrawals. All other instructions regarding the Harmonisation of Turn Around Time (TAT) and consumer compensation for unsuccessful transactions will remain in effect, according to the letter.
• Currently, a few banks allow cardless cash withdrawals through ATMs to its customers at their own ATMs (also known as on-us basis).
• In its monetary policy review meeting in April 2022, the RBI suggested allowing interoperability in cardless cash withdrawal transactions at all banks’ ATMs utilising the UPI function.
• Cardless cash withdrawals through ATMs are an allowed mode of transaction offered on a case-by-case basis by a few institutions in the country for their customers at their own ATMs.

The lack of a card required to commence cash withdrawal transactions would aid in the prevention of frauds like skimming, card cloning, and device tampering. To encourage card-less cash withdrawals across all banks and ATM networks/operators, it is recommended that customers be able to authorise transactions through the Unified Payments Interface (UPI), with such transactions being settled through ATM networks. Separate orders would be sent to the National Payments Corporation of India (NPCI), ATM networks, and banks “shortly,” according to Developmental and Regulatory Policies.

Bank cash withdrawals without a card

At this time, several banks provide cashless card withdrawals at their own ATMs. Cardless cash withdrawal requests can be started for a minimum of Rs.100 per transaction and up to a maximum of Rs.10,000 per day or Rs.25,000 per month for a beneficiary (The limitations are subject to change as per regulatory standards),” according to the HDFC Bank website. Customers of HDFC Bank should also be aware that a successful cardless cash withdrawal request is only valid for 24 hours after it is submitted. The request will be reversed to the account that was debited by the originator after 24 hours.

FAQs

Ques. What is a Cash Withdrawal without a Card?

Ans. A cardless cash withdrawal transaction allows the sender to transmit money without using a credit card.

Ques. What is a Cash Withdrawal without a Card?

Ans. A Cardless Cash Withdrawal transaction allows the sender to send money from an ICICI Bank account to anyone in India who has a valid mobile phone number. Without having to utilise an ATM or a Debit Card, the beneficiary can withdraw the funds from any ICICI Bank ATM.

Ques. Who may take advantage of the Cardless Cash Withdrawal service?

Ans. Any ICICI Bank Current Account customer (sender) with transaction access who is registered for Corporate Internet Banking (CIB) can use the Cardless Cash Withdrawal function. The beneficiary could be a Bank customer or not. In order to make bulk payments, the customer must have Bulk Cardless Cash Withdrawal enabled on their CIB account.

Ques. What conditions must be met in order to use a Cardless Cash Withdrawal transaction?

Ans. You must be registered with ICICI Bank Corporate Internet Banking (CIB) and have transaction access to use the Cardless Cash Withdrawal service. In order to make bulk payments, the customer must have Bulk Cardless Cash Withdrawal enabled on their CIB account. Simply visit your nearest ICICI Bank branch to register for CIB or to have further access to Bulk Cardless Cash Withdrawal.

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