Reserve Bank of India (RBI), has issued directives to all banks and ATM operators regarding Card-less withdrawal of cash. It has advised all the Banks and ATM operators to provide the option of Interoperable Card-less Cash Withdrawal (ICCW) at their ATMs.
National Payment Corporation of India (NPCI) has been advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks. While UPI would be used for customer authorization in such transactions, settlement would be through the National Financial Switch (NFS) / ATM networks.
Further, the regulator has advised , the on-us / off-us ICCW transactions shall be processed without levy of any charges other than those prescribed under the circular on Interchange Fee and Customer Charges.
Withdrawal limits for ICCW transactions shall be in-line with the limits for regular on-us / off-us ATM withdrawals. All other instructions related to harmonization of Turn Around Time (TAT) and customer compensation for failed transactions shall continue to be applicable.
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