Informist, Thursday, May 19, 2022

MUMBAI – The Reserve Bank of India today issued guidelines on interoperable card-less cash withdrawals at automated teller machines. 

In a circular today, the central bank said that all banks, ATM networks and white label ATM operators may provide the option of such a facility at their automated teller machines. 

The central bank advised the National Payments Corp of India to facilitate the integration of unified payments interface with all banks and ATM networks. This was proposed by the central bank on Apr 8.

While a unified payments interface would be used for customer authorisation in such transactions, the settlement would be through the National Financial Switch or ATM networks, the RBI said.

"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," as per the circular.

A transaction carried out at an ATM of the card-issuing bank is called an on-us transaction and the transaction carried out at any other ATM is called an off-us transaction.

The RBI said that withdrawal limits for interoperable card-less cash withdrawal transactions will be in line with the limits for regular on-us and off-us ATM withdrawals.  End

Reported by Shreejit Nair

Edited by Shirsha Thakur

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