RBI on card less cash withdrawal facility
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Reserve Bank of India has guided banks and ATM operators to render card less cash withdrawal facilities at all ATMs.
Circular by Reserve Bank of India:
- All banks, automated teller machine (ATM) networks, and White Label ATM Operators (WLAOs) may render the option of ICCW at their ATMs.
- The apex bank has already informed that the National Payments Corporation of India (NPCI) has been notified to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks.
- The RBI stated that UPI would be used for customer authorization in such transactions; settlement would be through the National Financial Switch (NFS) and ATM networks. The on-us and off-us ICCW transactions shall be worked without levy of any charges other than those prescribed under the circular on Interchange Fee and Customer Charges.
- In the circular by the RBI, withdrawal limits for ICCW transactions will be same with the limits for regular on-us and off us ATM withdrawals.
RBI guided last month that, the decision has been taken to permit all banks to introduce card-less cash withdrawal through ATMs for the purpose of checking fraud.
According to the central bank’s information, cardless cash withdrawal through ATMs is extended by a few banks currently.
A transaction executed at an ATM of the card-issuing bank is called an On-Us transaction. A transaction executed at any other ATM is called an Off-Us transaction.
Question & Answer:
Q1. Which entity ordered to banks and ATM operators to render card less cash withdrawal facilities at all ATMs?
Ans. Reserve Bank of India
Q2. What is the full form of ATM?
Ans. Auto Teller Machine
Q3. What is White Label ATM Operators?
Ans. The Automated Teller Machines (ATMs) which are set up, owned and operated by non-bank entities are known as “White Label ATMs” (WLAs).
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