For the first time in public sector banks, the Bank of Baroda (BoB) has launched a system for ATM cash withdrawals using UPI. There is no use of a debit card for this.
People can use the QR code on the ATM to withdraw cash. BOB said in a statement that it is the first public sector bank to provide UPI-enabled cash withdrawals from ATMs.
The bank stated that customers of other participating banks use BHIM UPI and other UPI applications, and its customers can use ATMs using the Interoperable Cardless Cash Withdrawal (ICCW) feature. Customers won't require debit cards to withdraw cash from Bank of Baroda (BoB) ATMs.
This is the process of withdrawing money from UPI.
To use this service, the customer must choose the 'UPI Cash Withdrawal' option at the Bank of Baroda ATM. A QR code will be seen on the ATM screen after the user enters the desired withdrawal amount. The authorized UPI app must be used to scan this code for ICCW to approve the transaction.
The transaction can be done twice a day.
According to the Chief Digital Officer of the Bank, Akhil Handa, the ICCW service will allow consumers to withdraw cash without needing a card. Customers are limited to two daily transactions and a withdrawal of Rs 5,000 at BOB ATMs.