RBI issued Directions for Banks and ATMs on Cardless Cash Withdrawals

Current Context: The Reserve Bank of India, issued guidelines for all Banks and ATM operators to enable an option of cardless cash withdrawal by using the Unified Payment Interface (UPI Facility).

• Initially, the cardless cash withdrawal facility is provided by only a few banks in their respective bank ATMs.
• Now RBI through these circulars wanted all white label ATMs must provide this kind of cardless withdrawal facility to curb online fraud, card skimming, card cloning device tampering, etc.
• The National Payments Corporation of India (NPCI) has been advised to facilitate UPI integration with all banks and ATM networks.
• Customer authorization in transactions settlement will be done through National Financial Switch if using the UPI facility.
• Withdrawal limits for all interoperable cardless cash withdrawals will be the same as the limits for regular cash withdrawals.
• RBI has cleared the instructions related to harmonization of turnaround time and also same compensation will be paid to the customer for the failed transaction.

Question:

Q.1 The Integration of UPI with all banks & ATMs is done by which organization for cardless cash withdrawals?
a. NFS (National Financial Switch)
b. NPCI (National Payment Corporation of India)
c. IBA (Indian Banks Association)
d. NSDL (National Securities Depository Limited)