RBI directs banks to offer cardless cash withdrawal facility at all ATMs: Here’s how to use it


Reserve Bank of India (RBI) in its latest circular has directed all banks, ATM networks, white label ATM operators or WLAOs to provide Interoperable Card-less Cash Withdrawal (ICCW) at their ATMs in India. This facility will allow customers to withdraw cash from ATMs without using their debit or credit cards.

RBI has advised the National Payments Corporation of India (NPCI) to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks, which in turn will help in authenticating transactions. “All banks, ATM networks and WLAOs may provide the option of ICCW at their ATMs. NPCI has been advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks,” the central bank wrote in its circular.

In the same circular, RBI said that UPI would be used for customer authorization while settlement would be done through National Financial Switch (NFS) or ATM network. “On-Us/Off-US ICCW transactions will be processed without any charges other than those prescribed under the Circular on Interchange Fees and Customer Charges,” the bank said.

As far as the withdrawal limits are concerned, the RBI said that these limits will be in line with the regular on-us and off-us ATM withdrawal limits. “All other instructions relating to reconciliation of Turn Around Time (TAT) and customer compensation for unsuccessful transactions shall remain in force,” it added.

It is worth noting that at present, only ICICI Bank and HDFC Bank offer cardless cash withdrawal facility at their ATMs.

If you are an ICICI Bank user, here is how you can withdraw cash without your ATM card.

How To Withdraw Cash Without Your ATM Card (ICICI Bank)

First of all you have to request the bank to use this facility. Here’s what you have to do:

step 1: Go to Services in the ICICI Bank mobile app.
Phase 2: Click on the Cardless Cash Withdrawal option.
step 3: Enter the amount, 4-digit temporary PIN and select the account number from which the amount is to be debited.
step 4: Confirm the details displayed in the pre-confirmation screen and click on submit.

Once the process is successful, you will receive a success message on the transaction completion screen. After that, you will receive an SMS with a unique 6-digit code on the registered mobile number from ICICI Bank. This code will be valid for six hours. Once you have the code, here’s what you need to do next:

step 1: Visit a designated ICICI Bank ATM and enter the following details: Your registered mobile number, the temporary 4-digit code that you have set, the 6-digit code (received in SMS) and the withdrawal amount.

Phase 2: Once these parameters are verified, the ATM will dispense cash.

How to Withdraw Cash Without Your ATM Card (HDFC Bank)

If you are an HDFC Bank customer, you have to first add a beneficiary and then send the money to the beneficiary. Thereafter, the beneficiary will be able to withdraw cash from the ATM in a cardless manner. Here’s what you have to do:

add a beneficiary

step 1: Log in to HDFC Bank’s NetBanking facility.
Phase 2: Select the Fund Transfer tab and tap on the request option.
step 3: Now tap on Add a Beneficiary option and then select Cardless Cash Withdrawal option.
step 4: Now, enter the beneficiary details, click on Add and Confirm.
Step 5: Finally, confirm the mobile number and enter the OTP received for verification.

send money to beneficiary

step 1: Log in to HDFC Bank’s NetBanking app.
Phase 2: Select the fund transfer option and then select the cardless cash withdrawal option.
step 3: Now select Debit bank account and then select the beneficiary from the list of registered beneficiaries.
step 4: Now enter the amount, click on continue and confirm.
Step 5: Confirm mobile number and enter OTP to validate the transaction.

Now, the beneficiary will receive an SMS containing OTP, nine-digit order ID and amount.

Once this is done, the beneficiary can visit the ATM, enter the following details: mobile number of the beneficiary, 9 digit order ID and transaction amount. Once these details are authenticated, cash will be disbursed from the ATM.

After RBI directs all ATMs to offer cardless cash withdrawal facility: Here’s how to use it, first appeared on BGR India.

Leave a Reply