The banking sector in India has become rapidly digitalized. During the Corona period, digitization flourished in India. At first we had to go to the bank to withdraw money, then many stood in line at the ATM to withdraw money. Debit / Rupee-Way cards were used for this purpose. But now you don't need any card to withdraw money from ATM. Because people will now be able to withdraw money without a card. The RBI has taken steps to do so. Withdrawals can be made through UPI from any bank's ATM.
During the monetary policy review meeting, RBI Governor Shaktikanta Das said that the facility of withdrawing money from ATMs without a card using UPI would be expanded. This facility will be applicable to all banks in the country. Every bank customer can avail this facility whether it is a government bank or a private one. Meanwhile, the RBI will take necessary steps to make the country cashless. Improving the payment system will enable maximum number of people to make secure, easy and affordable payments.
Initially the facility will be provided to these banks -
Initially, State Bank of India (SBI), ICICI Bank, Kotak Mahindra Bank, Bank of Baroda (BoB) and RBL Bank allow their customers to withdraw money from ATMs without using debit or credit cards. The facility will have a daily transaction limit of Rs 10,000 to Rs 20,000.