RBI bats for cardless cash withdrawal at ATMs

The Reserve Bank on Thursday requested banks to supply the choice of Interoperable Card-less Cash Withdrawal (ICCW) at their ATMs, a transfer aimed toward curbing frauds like skimming, card cloning and system tampering.


Currently, cardless money withdrawal by means of ATMs is obtainable by just a few banks for his or her clients at their very own ATMs (also referred to as on-us foundation).

“All banks, ATM networks and WLAOs (White Label ATM Operators) may provide the option of ICCW at their ATMs,” the central financial institution stated in a round.


It additional stated the National Payments Corporation of India (NPCI) has been suggested to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks.

While UPI can be used for buyer authorisation in such transactions, settlement can be by means of the National Financial Switch (NFS) / ATM networks.

“The on-us/off-us ICCW transactions shall be processed without levy of any charges other than those prescribed (on Interchange Fee and Customer Charges),” the RBI added.

Further, withdrawal limits for ICCW transactions will likely be according to the boundaries for normal on-us/off-us ATM withdrawals.

The RBI stated all different directions associated to harmonisation of flip round time (TAT) and buyer compensation for failed transactions will proceed to be relevant.

In April, the RBI had stated the absence of want for a card to provoke money withdrawal transactions would assist in containing frauds like skimming, card cloning and system tampering.

To encourage cardless money withdrawal facility throughout all banks and all ATM networks/operators, the RBI had proposed to allow buyer authorisation by means of using UPI whereas settlement of such transactions would occur by means of the ATM networks.

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