Sign In
Learn bits
Economy
Mahesh

11/04/22 13:43 PM IST

Cash Withdrawal via UPI

In News 
  • To encourage card-less cash withdrawal facility, the Reserve Bank of India (RBI)  proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the Unified Payments Interface (UPI).
Features 
  • Under the card-less cash withdrawal facility, a user can authenticate a transaction, and this is expected to add a layer of security and authentication to the transaction.
  • This will also prevent frauds happening due to skimming of card or card cloning.
  • This decision was made by the Monetary Policy Committee (MPC) of the RBI.
  • All banks have been given permission by the RBI to introduce cash-less cash withdrawals through ATMs.
  • At present, cardless cash withdrawal is offered by only a few banks in India through an on-us basis i.e. for their own customers at their own respective ATMs.
Importance of card less withdrawal
  • This mode will not only help in enhancing the ease of transactions but without the need for a physical card, it would help in preventing frauds like card cloning, card skimming, device tampering, etc.
UPI
  • Unified Payments Interface (UPI) has been developed by the National Payments Corporation of India (NPCI).
  • It is a real-time payment system that facilitates instant person-to-merchant (P2M) and inter-bank peer-to-peer (P2P) transactions.
  • The Reserve Bank of India regulates the UPI.
  • The interface helps in transferring funds between two bank accounts instantly via a mobile platform.
Source- Live Mint

More Related Current Affairs View All

10 Jan

Rural landowners in Delhi want repeal of Sections 33 and 81 of Delhi Land Reforms Act

'Both sections dealing with the use and sale of agricultural land have come under the spotlight ahead of the Delhi Assembly elections.' This can only be done by the Central gove

Read More

10 Jan

Pravasi Bharatiya Diwas

'Prime Minister Narendra Modi inaugurated the 18th edition of the Pravasi Bharatiya Diwas  in Bhubaneswar.' The event is held once every two years to “honour the cont

Read More

10 Jan

Deciphering the Indus script

'Recently, Tamil Nadu Chief Minister M.K. Stalin announced a $1-million prize for experts or organisations in the event of their success in deciphering the scripts of the Indus Val

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps