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Customers can withdraw money from any ATM without card : RBI New Rule

Writer: YashJYashJ
May 21, 20221 min read

The Reserve Bank adopted a rule on Thursday that allows people to withdraw money from any ATM without a card. National Payments Corporation of India (NPCI) has been instructed to integrate UPI for this facility. RBI announced on April 8 that this facility would be available soon.



People can now withdraw money from any ATM in the country without a card under the new rule. Apart from that, the bank will provide services to any consumer, regardless of which bank they are affiliated with.


The new service will carry the same fee as an ATM card. There were no additional fees. Apart from that, the withdrawal limit will be the same without the card as it is with the card. She also stated that customer interest rules will be the same as ATM interest rules.

The bin card withdrawal function is currently only available to its customers. The RBI's goal is for banks to provide this service to all of their customers.


What advantages does this facility provide to customers?

The card will no longer be required for cash withdrawals under this new rule. Card cloning, card skimming, and other bank frauds will be decreased as well.

 

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