Don’t have a debit or credit card? Here’s how to withdraw money without a card from an ATM | Personal finance news

New Delhi: The Reserve Bank of India (RBI) has mandated all banks, ATM networks, White Label ATM Operators (WLAO) and ATMs across the country to provide interoperable cash withdrawal services. cash without a card (ICCW). Everyone will be able to withdraw money from ATMs without using debit or credit cards once the option becomes available to all banks.

RBI has also urged the National Payments Corporation of India (NPCI) to promote the connection of Unified Payment Interface (UPI) with all banks and ATM networks to facilitate transaction authentication. “All banks, ATM networks and WLAOs can offer ICCW at their ATMs. NPCI has been advised to enable Unified Payment Interface (UPI) connectivity with all banks and ATMs. ATM networks,” the RBI said in a recent circular.

The central bank went on to say that while UPI will be used for customer authorization, settlement will be handled through the National Financial Switch (NFS) or ATM networks. “ICCW on-us/off-us transactions shall be conducted without the imposition of any fees other than those prescribed in the Interchange Fees and Client Fees Circular,” the circular states.

Withdrawal limits will be in line with ordinary ATM withdrawal limits on us and outside the United States, according to the central bank. “All other instructions, including the harmonization of execution times (TAT) and the compensation of consumers for unsuccessful transactions must remain in force,” the circular states.

Currently, only a few banks, including ICICI and HDFC, allow cardless cash withdrawals at their ATMs. Over time, every other bank in the country will allow consumers to withdraw money from ATMs without using their debit or credit card. Let’s see how to withdraw money from an ATM without using a debit or credit card.

Here’s how to withdraw money without using the card:

To use this facility, you must first ask the bank to activate it. Here’s how to do it (for ICICI bank):

– Access the Services section of the ICICI Bank mobile application.

-Select the cardless cash withdrawal option.

– Enter the amount, then the temporary 4-digit PIN, then the account number to which you wish to withdraw funds.

-You must then confirm the information presented on the pre-confirmation screen.

-Select the send option.

When the installation is successfully activated, the bank will send you a message with a unique 6-digit code to the registered mobile number. The code will only be valid until six hours. The following steps should be followed:

-Visit your local ATM (ICICI bank ATM in this example) and enter information such as your registered mobile number, temporary 4-digit code you set, 6-digit code you received via SMS and the withdrawal amount.

-After verifying this data, the money will be dispensed from the ATM.