The Reserve Bank of India agreed on Friday to allow all banks to adopt card-less cash withdrawals through ATMs in an effort to combat fraud.
Currently, cardless cash withdrawals using ATMs are an allowed form of transaction offered on a case-by-case basis by a few institutions in the nation (for their customers at their own ATMs).
Customers will be able to authorise transactions through the Unified Payments Interface (UPI), with settlement taking place through ATM networks, according to a statement on Developmental and Regulatory Policies.
Separate instructions will be sent to NPCI, ATM networks, and banks in the near future, according to the statement.
RBI Governor explained that the Bharat Bill Payment System (BBPS) is an interoperable bill payment network that has experienced a growth in the number of bill payments and billers over time.
It is proposed to reduce the net worth requirement of non-bank Bharat Bill Payment Operating Units from Rs 100 crore to Rs 25 crore in order to facilitate greater bill payment penetration through the BBPS and to encourage the participation of a greater number of non-bank Bharat Bill Payment Operating Units in the BBPS.
The essential regulatory changes will be implemented as soon as possible.
Standardized bill payment experience, centralized customer grievance resolution process, mandated customer convenience fee, and other perks are available to BBPS users.
BBPS is an interoperable bill payment platform with a scope and coverage that includes all types of billers that raise recurring invoices.
The number of non-bank Bharat Bill Payment Operating Units has not increased in lockstep with the number of non-bank Bharat Bill Payment Operating Units (BBPOUs).
Maintaining the safety and security of payment systems is a fundamental RBI aim, according to the statement, because they play a catalytic role in encouraging financial inclusion and fostering financial stability.
It is critical to guarantee that payment system infrastructures are not only efficient and effective, but also resilient to traditional and emerging risks, particularly those related to cyber security, as the use of digital payment modalities grows.
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