RBI has issued a circular on May 19, 2022, directing all banks to start the facility of withdrawing money without card soon. This facility will be available 24 hours a day. In fact, in the meeting of the MPC held on April 8, 2022, this facility was announced by the Reserve Bank. The RBI governor had said that this new rule is being brought with the aim of making digital transactions safe, in view of the ever-increasing online fraud and incidents like card cloning at ATMs, so that the general public is not harmed.
Let us inform here that some selected banks are already providing this cardless facility to their customers. But, now after issuing the circular of RBI, soon all the banks will have to provide this facility at their ATMs. Mobile PIN will have to be generated through this system. In cashless cash withdrawal facility, the transaction will be completed through Unified Payment Interface (UPI). This facility will be available only on withdrawing money from yourself. Along with this, the transaction limit will also be fixed. According to the report, the limit of such transactions is 5 thousand to 10 thousand rupees.