RBI announces cardless cash withdrawals to all ATMs soon; here's how you can use it

According to the central bank, card-less cash withdrawal via ATMs is a permissible form of transaction allowed by a few banks in the country on an as-needed basis.

The Reserve Bank of India (RBI) has stated that the cardless cash withdrawal technology will be made available in all bank offices and ATMs across India. This will be made available to bank clients through the NPCI's UPI, or Unified Payments Interface. This was one of the important decisions taken by the RBI's Monetary Policy Committee (MPC) this time.

At the moment, only a few banks provide card-less cash withdrawal using ATMs. According to the central bank, card-less cash withdrawal via ATMs is a permissible form of transaction allowed by a few banks in the country on an as-needed basis.

Currently, only a few institutions, like ICICI Bank, Kotak Mahindra Bank, HDFC Bank, and SBI, enable clients to withdraw cash without using a card.

Here are the processes for an SBI client who wants to withdraw more than Rs 10,000:

Step 1: Download the SBI YONO mobile banking app.
Step 2: Go to your local bank's ATM.
Step 3: Select the YONO cash withdrawal option.
Step 4: Once you have entered the amount (Rs 10,000 or more), a screen will appear requiring you to enter the OTP.
Step 5: Cardholders will get the OTP, which they must type into the ATM screen in order to complete the transaction.

Currently, the daily transaction limit for cardless cash withdrawals ranges from Rs 10,000 to Rs 25,000, depending on the services provided by the bank.