This Public Sector Bank Has Introduced UPI Based Cash Withdrawal Facility: Here’s How You Can Use It

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Bank Of Baroda Announces Cash Withdrawal Facility at Its ATMs with UPI.

New Delhi: Bank of Baroda has become the first public sector bank to introduce the Interoperable Cardless Cash Withdrawal (ICCW) facility, where customers can withdraw cash from their ATMs using the Unified Payment Interface, that is, UPI.

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Bank of Baroda, in its statement, said that, “As the first public sector bank to launch this service, Bank of Baroda customers as well as customers of other participating issuer banks that use BHIM UPI, Bob World UPI, or any other UPI application enabled for ICCW on their mobile phone can withdraw cash from a Bank of Baroda ATM without using their debit card.”

The Background Of The Story:

Last month, in May 2023, the RBI issued guidelines for banks on interoperable card-less cash withdrawal at ATMs by using the Unified Payments Interface (UPI) facility. The RBI gave orders to the White Label ATM Operators (WLAO), ATM networks, and banks to enable cardless cash withdrawals at their ATMs.

In its statement, the RBI said, “Such transactions shall be processed without levy of any charges other than those prescribed under the circular on interchange fees and customer charges.”

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How To Use The Facility:

1. Reach the nearest ATM of the Bank of Baroda and select ‘UPI Cash Withdrawal’.
2. Enter the amount that you want to withdraw.
3. A QR Code will be displayed on the ATM screen, and you need to scan it with your UPI app enabled for ICCW.
4. Type your UPI pin on your phone, and then you can withdraw your cash.

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Rules That Need To Be Followed:

1. If you have multiple bank accounts linked to your UPI, ICCW will give you options to select the bank account from which you wish to withdraw cash.
2. You can make a maximum of two transactions per account.
3. The maximum amount that you can withdraw per transaction is Rs 5,000.
4. There will be no extra charges for using this cash withdrawal facility.