Utkarsh Small Finance Bank Limited ("USFBL" or the "Bank"), announced (22nd Sep 2023) the launch of an innovative service, set to revolutionise cash withdrawal experiences. Utkarsh Small Finance Bank is dedicated to offering process-centric, technology-driven, and customer-oriented services that lead to a reliable, scalable, and sustainable institution, driving socio-economic change.
The Bank is pleased to announce the launch of Interoperable Cardless Cash Withdrawal (ICCW) service, that utilises UPI (Unified Payments Interface) on its ATM networks. This is In line with the Reserve Bank of India's directive in May 2022, urging all banks to provide Interoperable Cardless Cash Withdrawal (ICCW) options at their ATMs, and Utkarsh Small Finance Bank has taken the lead in fulfilling this mandate.
The ICCW service empowers bank customers who are active on UPI to conveniently withdraw cash from Utkarsh Small Finance Bank ATMs designated for UPI-ATM - ICCW transactions, all without the need for a physical debit card.
Key Features of ICCW :
The ICCW facility brings forth numerous advantages, including :
1. Elimination of skimming, cloning, and other card-related frauds
2. Generation of a single-use (signed) dynamic QR code for each transaction, enhancing security
3. Freedom from carrying multiple physical cards for cash withdrawals, as ICCW permits withdrawals from multiple accounts linked to UPI
4. Accessibility for customers who have completed KYC (Know Your Customer) but have not yet received a physical card.
How ICCW Works :
1. Visit a Utkarsh Small Finance Bank ATM.
2. Select the 'UPI Cash Withdrawal' option.
3. Enter the desired withdrawal amount, triggering the display of a QR code on the ATM screen.
4. Utilize a UPI app enabled for ICCW to scan the QR code.
5. Authorize the transaction with your UPI PIN on your mobile device.
6. On the ATM screen, tap 'Press here for cash.'
7. Witness the cash being dispensed seamlessly.
For customers with multiple bank accounts linked to a single UPI ID, ICCW functionality offers the flexibility to select the desired account for debiting.
Transaction Limits :
Initially, customers can enjoy up to two ICCW transactions per day per account, with a withdrawal limit of Rs. 10,000/- per transaction. It's worth noting that these limits are subject to potential future adjustments for enhanced flexibility.
Source : Business Standard
