The RBI had announced the introduction of an interoperable card-less cash withdrawal facility across all banks and all ATM networks after the April monetary policy committee meeting.
In the circular on Thursday, the RBI said, NPCI has been advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks.
Essentially, UPI will be used for customer authorisation in such transactions, while settlement will be through the National Financial Switch (NFS)/ATM networks.
"The on-us/off-us interoperable card-less cash withdrawal transactions shall be processed without levy of any charges other than those prescribed under the circular on interchange fee and customer charges," the RBI said.
This story is from the May 20, 2022 edition of Business Standard.
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This story is from the May 20, 2022 edition of Business Standard.
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