RBI Monetary Policy 2022: Now Withdraw Cash From ATMs Without Carrying Your Debit, Credit Card. Complete Details Here

RBI Monetary Policy: In addition to enhancing the ease of transactions, the absence of the need for physical cards for such transactions would help prevent frauds such as card skimming, card cloning, etc., RBI Governor Shaktikanta Das said.

Written by: Raghav Aggarwal

Published: April 8, 2022, 1:31 PM IST

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Monetary Policy Committee (MPC Meeting) 2022 | New Delhi: The Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday announced that all banks in the country will soon support cardless cash withdrawal. The withdrawal will be done via United Payments Interface (UPI) network, Das said. He was addressing the nation to present the Monetary Policy for the first two months of 2022-23 (FY23).

Das said during MPC report 2022, “At present, the facility of card-less cash withdrawal through ATMs is limited only to a few banks. It is now proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the UPI. In addition to enhancing ease of transactions, the absence of the need for physical card for such transactions would help prevent frauds such as card skimming, card cloning, etc.”

Some banks in the country already allow card-less cash withdrawal through their ATMs.

Push To Cybersecurity

Das also said that the RBI will issue guidelines related to cybersecurity to the payment system operators in the country.

He said, “Payment systems play a catalytic role in facilitating financial inclusion and promoting financial stability. To ensure that our payment systems remain resilient to conventional and emerging risks, specifically those relating to cyber security, it is proposed to issue guidelines on Cyber Resilience and Payment Security Controls for Payment System Operators.”

Vibrant Forex

RBI Governor also said that the external indicators have improved in the country and currently India’s forex reserves stand at $606.5 Billion.

He stated, “Overall, our external sector indicators remain healthy and have improved significantly in recent years. Our foreign exchange reserves stand at US$ 606.5 billion as on April 1, 2022 which are further bolstered by the net forward assets of the RBI. The Reserve Bank remains committed to maintain orderly conditions in the domestic financial markets and will take appropriate steps, as needed, on an ongoing basis to contain the adverse spillovers from the global developments.”