Now you will be able to withdraw cash from ATM using UPI; Transaction will be done only 2 times in a day
Now you will be able to withdraw cash from ATM using UPI: Transaction will be done only 2 times in a day, maximum ₹ 10,000 will be withdrawn
Bank of Baroda (BOB) on Monday (June 5) announced the launch of a new service called Interoperable Cardless Cash Withdrawal (ICCW). Through this new service, customers of the bank can withdraw cash from BOB ATMs using Unified Payments Interface (UPI).
Bank of Baroda has become the first public sector bank to offer cash withdrawal services through UPI. Using this service, the customer can transact from his account only 2 times a day. The bank has kept a transaction limit of Rs 5,000 under this service. That is, the customer can withdraw a maximum of Rs 10,000 by doing 2 transactions from this service in a day.
This facility is not limited to Bank of Baroda customers only. Customers of other banks using BHIM UPI, Bobworld UPI, and any other UPI app enabled for ICCW facility on their mobile phones can also withdraw cash from Bank of Baroda ATMs without using their debit cards.
Akhil Handa, Chief Digital Officer, Bank of Baroda said that the new ICCW facility being introduced by the bank gives customers the freedom to withdraw money without the use of physical cards. It is a simple, convenient, and secure way to withdraw cash. Bank of Baroda has more than 11,000 ATMs across India.
The Reserve Bank of India (RBI) has asked banks to make the ICCW option available through ATMs to prevent card frauds like cloning, skimming, and device tampering.