Bank of Baroda launches UPI cash withdrawal facility at ATMs
The facility, known as interoperable cardless cash withdrawal (ICCW), allows an account holder to withdraw money from an ATM machine without using their ATM cards.
Everyone must have faced situations in their life when their ATM card either malfunctioned or was not accepted at a particular ATM machine. It creates a weird situation, as despite having money in your account, you are not able to withdraw it.
That will no longer be the case, as the Bank of Baroda (BoB) has come up with a unique scheme where one can withdraw money from an ATM machine through their UPI. The facility, known as interoperable cardless cash withdrawal (ICCW), allows an account holder to withdraw money from an ATM machine without using their ATM cards.
The ZeeBiz correspondent met Akhil Handa, chief digital officer at BoB, who gave a demo of how UPI can be used to withdraw money from ATMs.
IND Vs ENG LIVE Score, ICC World CUP 2023 Warm Up Match Updates: India to take on England in their first warm-up match at Barsapara Stadium, Guwahati
Country's economy will increase tenfold by 2047, it will emerge as a big power in the world: Union Minister Piyush Goyal
EPFO extends deadline to upload details by employers for higher pension option by 3-month till Dec 31
Guaranteed Pension System (GPS) vs Old Pension Scheme (OPS): Which pension scheme offers maximum retirement benefits?
Since the service is in its early stages, BOB has set a limit of Rs 5,000 per day for withdrawals. However, the bank is permitting an account holder to use the ICCW facility twice a day with a Rs 5,000 limit.
Account holders have to get ICCW activated through their BoB branch to avail this facility.
The bank took this step a year after the Reserve Bank of India (RBI) asked banks to provide cash withdrawal facility under ICCW from ATMs.
Since BoB has launched the facility for the convenience of people, it is highly likely that other banks will follow in its footsteps.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
Small savings schemes: Five-year recurring deposit will make more money for you in December quarter; this is the new interest rate
Plaza Wires IPO hits Street: Issue price, subscription status, listing date, other key details to know
Kerala Weather Update: Heavy rain lashes parts of Thiruvananthapuram, IMD sounds yellow alert in all districts
Flipkart Big Billion Days Sale 2023: iPhone, Google Pixel, Samsung Galaxy, and Motorola; best phones under Rs 60K-Rs 1.5 lakh category
Flipkart Big Billion Days Sale 2023: Samsung, Redmi, Realme, Poco and more; best phones under Rs 15,000