Cardless cash withdrawal: While addressing the first Monetary Policy Committee (MPC) statement for the financial year 2022-2023 on April 8, Reserve Bank of India (RBI) Governor Shaktikanta Das announced that cardless cash withdrawal using UPI has been extended and will be made available at all bank branch and ATMs via UPI, to prevent fraudulent transactions.
”At present, the facility of card-less cash withdrawal through ATMs is limited only to a few banks. It is now proposed to make cardless cash withdrawal facility available across all banks and ATM networks using the UPI,” said Das in his MPC statement.
”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,” he added. Meanwhile, the central bank’s six-member MPC voted unanimously to retain the key policy rate – repo, at four percent and the reverse repo rate was also unchanged at 3.35 percent.
The MPC also retained the policy stance as ‘accommodative’ indicating that the rate-setting body is focused on boosting the economic growth.
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Repo is the rate at which the central bank lends short-term funds to banks, while the reverse repo is the rate at which the central bank borrows short-term funds from banks.
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