At present, the facility of cardless 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. In addition to enhancing ease of transactions, the absence of the need for physical card for such transactions will help prevent frauds such as card skimming and card cloning, RBI governor Shaktikanta Das said on Friday.
To further facilitate greater penetration of bill payments through the Bharat Bill Payment System (BBPS) and to encourage participation of a greater number of non-bank Bharat Bill Payment Operating Units in the BBPS, it is proposed to reduce the net worth requirement of such entities from Rs 1 billion to Rs 250 million.
To ensure that the 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.
