RBI's new guidelines for 2022; Proposed card-less cash withdrawal facility

The withdrawal request can be initiated for a minimum of Rs 100 per transaction and a maximum of Rs 10,000 per day or Rs 25,000 per month as per regulatory guidelines.

RBI's new guidelines for 2022; Proposed card-less cash withdrawal facility
RBI's new guidelines for 2022; Proposed card-less cash withdrawal facility

New Delhi: The Reserve Bank of India while announcing the monetary policy last week, proposed to make a card-less cash withdrawal facility available across all banks, and ATM networks using UPI. The Governor of RBI Shri Shaktikanta Das said RBI has proposed to make card-less cash withdrawal facilities available across all banks and ATM networks using the Unified Payments Interface (UPI).

At present, the facility of card-less cash withdrawal through ATMs is limited only to a few banks. It is now proposed to make card-less cash withdrawal facilities available across all banks and ATM networks using the UPI. In addition to enhancing the ease of transactions, the absence of the need for a physical card for such transactions would help prevent frauds such as card skimming, card cloning, etc., he added.

In this facility, individuals can withdraw cash without using any debit card at ATMs. The withdrawal request can be initiated for a minimum of Rs 100 per transaction and a maximum of Rs 10,000 per day or Rs 25,000 per month as per regulatory guidelines.

Also, the bank customers now have to pay more than what they were paying earlier for cash withdrawal from ATMs. RBI hiked the charges which will be applicable once the free monthly limit gets exhausted. 

A Notice mentioned on the HDFC Bank website reads, “With effect from 1st January 2022, ATM transaction charge rate beyond the free limit of Rs. 20 + taxes would be revised to Rs. 21 + taxes, wherever applicable"