RBI Governor Shaktikanta Das on Friday announced that all the banks in the country will soon support cardless cash withdrawal. The withdrawal can be done through UPI, he added. He mentioned this while addressing the nation to present the Monetary Policy for the first 2 months of 2022-23.
Das said in the addressing, “At present, the facility of card-less cash withdrawal through ATMs is limited only to a few banks. It is now proposed to make card-less cash withdrawal facilities available across all banks and ATM networks using the UPI. In addition to enhancing the ease of transactions, the absence of the need for a physical card for such transactions would help prevent frauds such as card skimming, card cloning, etc.”
Some banks in the country already allow card-less cash withdrawal through their ATMs. Soon, digital payments will allow you to withdraw cash physically which is something we never thought of before. Technology is getting ahead of us. This will make our smartphones all the more precious than our debit or credit cards.
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