In order to help people, RBI has come up with new measures for withdrawing cash. The new method will not involve any credit or debit cards. In fact, it will allow people to use their smartphones for withdrawals.
“We’re introducing card-less cash withdrawals to evade card skimming; the proposal is to begin authentication via UPI. It can be used for withdrawal from any bank’s ATM, third-party ATM, or White Label ATM. We’re working out its system changes & instructions,” RBI Deputy Governor Rabi Sankar said.
It is worth noting that despite introducing new methods existing ways like debit and credit cards won’t change as people will continue to withdraw cashless via the earlier route. Plus, users will continue to make payments in restaurants and shops.
“We won’t stop issuing credit/debit cards, as they have many other utilities; they’re not just used for cash withdrawals, they can be utilized while at a restaurant, shop, or for payments in a foreign country. So credit & debit cards will be continued,” RBI Governor Shaktikanta Das said.
However, to access the new money withdrawn method, people will have to follow these steps.
Step 1: First, you should have a UPI ID to withdraw money as it will be authenticated through the same procedure.
Step 2: Now, you need to enter the ATM and choose the Cashless Withdrawal system option on the screen.
Step 3: Then, the ATM screen will show you a QR code, which needs to be scanned within the application.
Step 4: Now, enter, your UPIpin to withdraw the cash from the ATM.
It is important to note that ICICI and SBI are already providing the same methods or ways, but now it will be used by other banks.
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