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.
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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.
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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.
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