The Reserve Bank of India (RBI) has ordered all banks, White Label ATM Operators (WLAOs), and ATM networks to provide the facility of Interoperable Card-less Cash Withdrawal (ICCW) in all ATMs across the nation. The facility enables every individual to make “card-less cash withdrawal transactions.”

“All banks, ATM networks and WLAOs may provide the option of ICCW at their ATMs. NPCI has been advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks,” RBI said in a circular issued on Thursday. 

 “The on-us / off-us ICCW transactions shall be processed without levy of any charges other than those prescribed under the circular on Interchange Fee and Customer Charges,” the circular read. 

Also Read: Why wealth inequality feeds into a poverty loop

Here’s how to use the facility-

1. To withdraw cash without using a credit or debit card, start by heading over to the ‘Services’ option in a banking mobile application such as ICICI.

2. Tap the option that reads ‘Cardless cash withdrawal’.

3. Enter the desired amount, then a temporary PIN of four digits. Choose the account number from which you wish to make the withdrawal transaction.

4. Confirm your details when a pre-confirmation screen pops up. 

5. Tap on the submit button.

Also Read: Why interest rates are being hiked globally?

After the ICCW is activated, a user will receive a text message on their registered mobile number. The message will contain a temporary 6-digit code which will remain valid for up to six hours. 

Also Read: What are the effects of the Fed raising interest rates to fight inflation?

Here’s what to do next-

Go to your nearest bank ATM and fill in necessary details such as your registered phone number, the 4-digit PIN, the 6-digit code and the amount you wish to withdraw. 

As soon as the details are verified, cash will be dispensed from the ATM machine.