Card-less cash withdrawal facility across all banks' ATM network soon, RBI says measure to end card skimming and cloning

Published on : 01:28 PM Apr 08, 2022

It is now proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the UPI. In addition to enhancing ease of transactions, the absence of the need for physical card for such transactions would help prevent frauds such as card skimming, card cloning, etc, says RBI Governor Shaktikanta Das, while announcing bi-monthly monetary policy review.

Mumbai: Dubbing it as fraud deterrent factor, the Reserve Bank on Friday announced that it would permit all banks to introduce card-less cash withdrawal through ATMs. Currently, card-less cash withdrawal through ATMs is a permitted mode of transaction offered by a few banks in the country on an on-us basis (for their customers at their own ATMs).

Advertisement

window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() {var userAgent = window.navigator.userAgent.toLowerCase();var Andrioid_App = /webview|wv/.test(userAgent);var Android_Msite = /Android|webOS|BlackBerry|IEMobile|Opera Mini/i.test(navigator.userAgent);var iosphone = /iPhone|iPad|iPod/i.test(navigator.userAgent);var is_iOS_Mobile = /(iPhone|iPod|iPad).*applewebkit(?!.*version)/i.test(navigator.userAgent); if ( Andrioid_App == true || iosphone == true ) {console.log("Mobile"); var slot_282 = googletag.defineSlot("/175434344/ETB-APP-ADP-English-National-Business-300x250-1", [300, 250], "div-gpt-ad-5840732701043-1").addService(googletag.pubads());}else if(Android_Msite == true || is_iOS_Mobile == true){console.log("m site"); var slot_282 = googletag.defineSlot("/175434344/ETB-MDOT-ADP-English-National-Business-300x250-1", [300, 250], "div-gpt-ad-5840732701043-1").addService(googletag.pubads());}else{console.log("Web"); var slot_282=googletag.defineSlot("/175434344/ETB-ADP-English-National-Business-728x90-1", [728, 90], "div-gpt-ad-5840732701043-1").addService(googletag.pubads());} googletag.pubads().enableSingleRequest();googletag.pubads().collapseEmptyDivs();googletag.enableServices(); googletag.display("div-gpt-ad-5840732701043-1");googletag.pubads().refresh([slot_282]);googletag.pubads().setCentering(true); });
googletag.cmd.push(function() { googletag.display("div-gpt-ad-5840732701043-1");googletag.pubads().refresh(); });

"It is now proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the UPI. In addition to enhancing ease of transactions, the absence of the need for physical card for such transactions would help prevent frauds such as card skimming, card cloning, etc," RBI Governor Shaktikanta Das said while announcing bi-monthly monetary policy review.

It is proposed to enable customer authorisation through the use of Unified Payments Interface (UPI) while settlement of such transactions would happen through the ATM networks, a statement on Developmental and Regulatory Policies said. Advertisement

window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() {var userAgent = window.navigator.userAgent.toLowerCase();var Andrioid_App = /webview|wv/.test(userAgent);var Android_Msite = /Android|webOS|BlackBerry|IEMobile|Opera Mini/i.test(navigator.userAgent);var iosphone = /iPhone|iPad|iPod/i.test(navigator.userAgent);var is_iOS_Mobile = /(iPhone|iPod|iPad).*applewebkit(?!.*version)/i.test(navigator.userAgent); if ( Andrioid_App == true || iosphone == true ) {console.log("Mobile"); var slot_1710 = googletag.defineSlot("/175434344/ETB-APP-ADP-English-National-Business-300x250-2", [300, 250], "div-gpt-ad-6685347825254-2").addService(googletag.pubads());}else if(Android_Msite == true || is_iOS_Mobile == true){console.log("m site"); var slot_1710 = googletag.defineSlot("/175434344/ETB-MDOT-ADP-English-National-Business-300x250-2", [300, 250], "div-gpt-ad-6685347825254-2").addService(googletag.pubads());}else{console.log("Web"); var slot_1710=googletag.defineSlot("/175434344/ETB-ADP-English-National-Business-728x90-2", [728, 90], "div-gpt-ad-6685347825254-2").addService(googletag.pubads());} googletag.pubads().enableSingleRequest();googletag.pubads().collapseEmptyDivs();googletag.enableServices(); googletag.display("div-gpt-ad-6685347825254-2");googletag.pubads().refresh([slot_1710]);googletag.pubads().setCentering(true); });
googletag.cmd.push(function() { googletag.display("div-gpt-ad-6685347825254-2");googletag.pubads().refresh(); });

Separate instructions would be issued to NPCI, ATM networks and banks shortly, it said. With regard to Bharat Bill Payment System (BBPS), he said, it is an interoperable platform for bill payments, which has seen an increase in the volume of bill payments and billers over the years.

To further facilitate greater penetration of bill payments through the BBPS and to encourage participation of a greater number of non-bank Bharat Bill Payment Operating Units in the BBPS, it is proposed to reduce the net worth requirement of such entities from Rs 100 crore to Rs 25 crore.

window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() {var userAgent = window.navigator.userAgent.toLowerCase();var Andrioid_App = /webview|wv/.test(userAgent);var Android_Msite = /Android|webOS|BlackBerry|IEMobile|Opera Mini/i.test(navigator.userAgent);var iosphone = /iPhone|iPad|iPod/i.test(navigator.userAgent);var is_iOS_Mobile = /(iPhone|iPod|iPad).*applewebkit(?!.*version)/i.test(navigator.userAgent); if ( Andrioid_App == true || iosphone == true ) {console.log("Mobile"); var slot_6673 = googletag.defineSlot("/175434344/ETB-APP-ADP-English-National-Business-300x250-3", [300, 250], "div-gpt-ad-1986349458851-3").addService(googletag.pubads());}else if(Android_Msite == true || is_iOS_Mobile == true){console.log("m site"); var slot_6673 = googletag.defineSlot("/175434344/ETB-MDOT-ADP-English-National-Business-300x250-3", [300, 250], "div-gpt-ad-1986349458851-3").addService(googletag.pubads());}else{console.log("Web"); var slot_6673=googletag.defineSlot("/175434344/ETB-ADP-English-National-Business-728x90-3", [728, 90], "div-gpt-ad-1986349458851-3").addService(googletag.pubads());} googletag.pubads().enableSingleRequest();googletag.pubads().collapseEmptyDivs();googletag.enableServices(); googletag.display("div-gpt-ad-1986349458851-3");googletag.pubads().refresh([slot_6673]);googletag.pubads().setCentering(true); });
googletag.cmd.push(function() { googletag.display("div-gpt-ad-1986349458851-3");googletag.pubads().refresh(); });

The necessary amendment to regulations will be carried out shortly. Users of BBPS enjoy benefits like standardised bill payment experience, centralised customer grievance redressal mechanism, prescribed customer convenience fee, etc. BBPS is an interoperable platform for bill payments and the scope and coverage of BBPS extends to all categories of billers who raise recurring bills.

It is observed that there has not been a corresponding growth in the number of non-bank Bharat Bill Payment Operating Units (BBPOUs). Observing that payment systems play a catalytic role in facilitating financial inclusion and promoting financial stability, the statement said, maintaining the safety and security of these systems is a key objective of RBI.

window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() {var userAgent = window.navigator.userAgent.toLowerCase();var Andrioid_App = /webview|wv/.test(userAgent);var Android_Msite = /Android|webOS|BlackBerry|IEMobile|Opera Mini/i.test(navigator.userAgent);var iosphone = /iPhone|iPad|iPod/i.test(navigator.userAgent);var is_iOS_Mobile = /(iPhone|iPod|iPad).*applewebkit(?!.*version)/i.test(navigator.userAgent); if ( Andrioid_App == true || iosphone == true ) {console.log("Mobile"); var slot_2341 = googletag.defineSlot("/175434344/ETB-APP-ADP-English-National-Business-300x250-4", [300, 250], "div-gpt-ad-4405820261575-4").addService(googletag.pubads());}else if(Android_Msite == true || is_iOS_Mobile == true){console.log("m site"); var slot_2341 = googletag.defineSlot("/175434344/ETB-MDOT-ADP-English-National-Business-300x250-4", [300, 250], "div-gpt-ad-4405820261575-4").addService(googletag.pubads());}else{console.log("Web"); var slot_2341=googletag.defineSlot("/175434344/ETB-ADP-English-National-Business-728x90-4", [728, 90], "div-gpt-ad-4405820261575-4").addService(googletag.pubads());} googletag.pubads().enableSingleRequest();googletag.pubads().collapseEmptyDivs();googletag.enableServices(); googletag.display("div-gpt-ad-4405820261575-4");googletag.pubads().refresh([slot_2341]);googletag.pubads().setCentering(true); });
googletag.cmd.push(function() { googletag.display("div-gpt-ad-4405820261575-4");googletag.pubads().refresh(); });

With greater adoption of digital payment modes, it is important to ensure that payment system infrastructures are not only efficient and effective but also resilient to conventional and emerging risks, specifically those relating to cyber security, it said.

"To ensure that our payment systems remain resilient to conventional and emerging risks, specifically those relating to cyber security, it is proposed to issue guidelines on Cyber Resilience and Payment Security Controls for Payment System Operators," he said.

window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() {var userAgent = window.navigator.userAgent.toLowerCase();var Andrioid_App = /webview|wv/.test(userAgent);var Android_Msite = /Android|webOS|BlackBerry|IEMobile|Opera Mini/i.test(navigator.userAgent);var iosphone = /iPhone|iPad|iPod/i.test(navigator.userAgent);var is_iOS_Mobile = /(iPhone|iPod|iPad).*applewebkit(?!.*version)/i.test(navigator.userAgent); if ( Andrioid_App == true || iosphone == true ) {console.log("Mobile"); var slot_2451 = googletag.defineSlot("/175434344/ETB-APP-ADP-English-National-Business-300x250-5", [300, 250], "div-gpt-ad-3535643898184-5").addService(googletag.pubads());}else if(Android_Msite == true || is_iOS_Mobile == true){console.log("m site"); var slot_2451 = googletag.defineSlot("/175434344/ETB-MDOT-ADP-English-National-Business-300x250-5", [300, 250], "div-gpt-ad-3535643898184-5").addService(googletag.pubads());}else{console.log("Web"); var slot_2451=googletag.defineSlot("/175434344/ETB-ADP-English-National-Business-728x90-5", [728, 90], "div-gpt-ad-3535643898184-5").addService(googletag.pubads());} googletag.pubads().enableSingleRequest();googletag.pubads().collapseEmptyDivs();googletag.enableServices(); googletag.display("div-gpt-ad-3535643898184-5");googletag.pubads().refresh([slot_2451]);googletag.pubads().setCentering(true); });
googletag.cmd.push(function() { googletag.display("div-gpt-ad-3535643898184-5");googletag.pubads().refresh(); });

(with Agency inputs)

Next
Latest news direct to your inbox.