Bank of Baroda unveils withdrawal facility via UPI through its ATMs

Bank of Baroda

Bank of Baroda launched the Interoperable Cardless Cash Withdrawal (ICCW) facility where customers could withdraw cash using Unified Payments Interface (UPI) from bank’s ATM.

“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 lender said.

When a customer selects the option ‘UPI Cash Withdrawal’ at a Bank of Baroda ATM, he or she must enter the withdrawal amount, after which a QR code will be presented on the ATM screen.

The lender explained that the consumer will scan the QR code with a UPI app that is enabled for ICCW and then authorise the transaction with her/his UPI PIN on the mobile phone to withdraw cash from the ATM.

When numerous bank accounts are linked to a single UPI ID, ICCW functionality allows clients to choose which account to debit.

Also Read | Bank of Baroda introduces electronic Bank Guarantee on its digital platform

According to Akhil Handa, Chief Digital Officer of Bank of Baroda, “the new ICCW facility being offered by the bank gives customers the freedom to withdraw money without the use of a physical card – a simple, convenient and secure way to withdraw cash.”

Customers can withdraw Rs 5,000 each transaction and have two transactions per day per account.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.