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Cash withdrawn from ATM without debit-credit card

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By Ankit Awasthi

 The Reserve Bank of India (RBI) has directed that all banks, ATM networks, and white label ATM operators (WLAO) allow consumers to withdraw cash from ATMs without using credit or debit cards. Many banks currently provide this Interpol Cardless Cash Withdrawal (ICCW) service. You will not require a debit or credit card when the modifications are implemented in all banks' ATMs.


ATM network need for UPI integration

The Reserve Bank of India (RBI) has requested that the National Payments Corporation of India (NPCI) incorporate the universal payment interface (UPI) from all banks and ATM networks so that transactions may be validated. The RBI said in the circular, "All banks, ATM networks, and WLAOs shall provide ICCW on their ATMs. In addition, NPCI has been mandated to link the Unified Payments Interface (UPI) with all banks and ATM networks."

ATM stands for 'Automated Teller Machine.' At 1967, the world's first ATM was built in the Barclays branch in Infield. At the same time, a new ATM being erected every three minutes throughout the globe today.

The remaining ATM transactions will be at the limit.

According to the circular, the consumer would be verified via UPI, while subsequent payment and settlement will be handled through the National Financial Switch (NFS). "On-us or off-us ICCW transactions must be free of extra charges, and no further payment is required," it said. Aside from that, the cash withdrawal limit will be the same as the limit for other methods of withdrawal.


Right now, just a few banks are providing choices.

Only a few banks, like ICICI and HDFC Bank, presently allow customers to withdraw cash from ATMs without using credit or debit cards. In the next months, the remainder of the banks' ATMs will likewise provide the same service to its account customers. If you have an account with ICICI Bank or HDFC Bank, you may use the new function by visiting certain ATMs. You must follow the procedures outlined below to do this.

The bank must approve the facility.

To begin, go to the services area of the bank's mobile app and choose the 'Cardless Cash Withdrawal' option. Following that, you must write the amount and create a 4-digit temporary PIN. Finally, you must choose the account number from which you want to withdraw funds. After you've confirmed the information on the pre-confirmation page, click the 'Submit' button.


The code will be sent to the registered mobile phone number.

A 6-digit unique code will be given to your registered cellphone number once the new facility is active. This code is only good for six hours, after which you must visit the closest bank ATM. You will be able to withdraw cash from the ATM after inputting the information provided in the first mobile app and the six-digit code on the registered phone. Only once the authentication procedure has been finished will you be able to withdraw money from the machine.

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Location: Delhi, India

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