Editorial

RBI wants banks to offer cardless cash withdrawal at all ATMs: How to use

The 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) across their ATMs in India. This facility would allow customers to withdraw cash from ATMs without using their debit or credit cards. Also Read – WhatsApp will now use your ‘legal name’ for UPI payments: How to find out yours

RBI has also advised the National Payments Corporation of India (NPCI) to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks, which in turn would help in authenticating the 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. Also Read – How to change your UPI PIN using Google Pay app

In the same circular, RBI said that while UPI would be used for customer authorisation, settlement would be done through the National Financial Switch (NFS) or the ATM networks. “The on-us / off-us ICCW transactions shall be processed without levy of any charges other than those prescribed under the circular on Interchange Fee and Customer Charges,” the bank added. Also Read – Mann ki Baat: PM Modi urges people to go for a ‘Cashless Day Out’

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

It is worth noting that, at the moment only ICICI Bank and HDFC Bank provide cardless cash withdrawal facility at their ATMs.

If you are a ICICI Bank user, here’s how you can withdraw cash without your ATM card.

How to withdraw cash without your ATM card (ICICI Bank)

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

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

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

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

Step 2: Once these parameters have been authenticated, cash will be dispensed from the ATM.

How to withdraw cash without your ATM card (HDFC Bank)

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

Add a beneficiary

Step 1: Login to HDFC Bank’s NetBanking facility.
Step 2: Select Funds Transfer tab and tap the Request option.
Step 3: Now tap the Add a Beneficiary option and then select Cardless Cash Withdrawal option.
Step 4: Now, rnter the beneficiary details, click on Add and Confirm.
Step 5: Lastly, confirm the mobile number and enter the OTP received for validation.

Send money to beneficiary

Step 1: Login to HDFC Bank’s NetBanking app.
Step 2: Select Fund Transfer option and then select Cardless Cash Withdrawal option.
Step 3: Now select the Debit Bank Account and then select the beneficiary from list of registered beneficiaries.
Step 4: Now enter the amount, click on continue and confirm.
Step 5: Confirm the mobile number and enter the OTP to validate the transaction.

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

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






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