Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday 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.

Das was addressing the first Monetary Policy Committee (MPC) statement for the financial year 2022-2023 and kept the benchmark interest rate unchanged at 4 percent and decided to continue with its accommodative stance despite rising inflation.

"At present, the facility of card-less cash withdrawal through ATMs is limited only to a few banks. It is now proposed to make card-less 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 would help prevent frauds such as card skimming, card cloning, etc," Das in his press briefing.

Shaktikanta Das also announced that the RBI will review customer service standards in RBI regulated entities.

“In view of the transformation underway due to the innovations, products and services and deepening of the digital penetration and emergence of different service providers, it is proposed to set up a committee to examine and review the current state of customer service in all the RBI regulated entities," he said.

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(Edited by : Ajay Vaishnav)