How to withdraw money from ATM machine without ATM Card? What is the new circular release by RBI?
RBI has issued a new rule for withdrawing money from any ATM without a card. This facility will be available in all the banks and ATM machines of the country.
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How to withdraw money from ATM machine without ATM Card?
The Reserve Bank has issued a circular on May 19, 2022 asking all banks to start this facility soon. In the circular, RBI has asked all banks, ATM networks and White Label ATM Operators (WLAOs) to provide the facility of Interoperable Cardless Cash Withdrawal (ICCW) at their ATMs. This facility can be availed through UPI.
What is this system?
Card is not required to withdraw money from ATM. This facility will be available 24×7 across the country. Mobile PIN will have to be generated through this system. In cashless cash withdrawal facility, the transaction will be completed through UPI. This facility will be available only on withdrawing money from yourself. As of now not all banks have this facility. It has a transaction limit of 5 thousand.
How will this system work?
# In this, you have to go to the ATM machine and choose the option of withdrawal on it.
# After this the option of UPI will appear on the screen of ATM, click on it.
# After this the QR code will be displayed on the ATM.
# Open the UPI payment app available on your mobile and scan this QR code with it.
# After this, fill the amount you want to withdraw.
# After this you have to fill your UPI PIN and click on Proceed button.
# Now your money will be withdrawn from ATM.
You can download pdf file from official website of RBI.
Here is a link :- shorturl.at/prIJY