UPI Withdrawal- Mega update for UPI users. Whenever there is a need for money, people turn to the bank or ATM. But now this may be a thing of the past. In the coming days, ATMs may go silent. Actually, the matter is such that withdrawing cash from a smartphone is going to be even easier now.
For this, the National Payments Corporation of India has made big preparations. According to a report by the Economic Times, soon people in India will be able to withdraw cash through Unified Payment Interface (UPI) at more than 20 lakh Business Correspondent (BC) outlets. To make more and more people avail this facility, NPCI has sought approval from the Reserve Bank of India (RBI).
Let us tell you that Business Correspondents are local agents who provide banking facilities to people in areas far from the bank’s branch. These can be grocery shopkeepers or small business centers, which will provide cash withdrawal service to customers through QR code. Currently, the facility of withdrawing cash through UPI is available only at select ATMs and shops.
There will be no need to go to the ATM
At present, the facility of UPI-based cash withdrawal is available only in select ATMs or shops. There is a limit on this as well. The limit is set to Rs 1,000 per transaction in towns and cities and Rs 2,000 in villages. The report states that under the proposed scheme, up to Rs 10,000 cash will be withdrawn on every transaction at BC outlets . There will be no need to go to the ATM for this. Now the government is trying to extend this facility to more than 20 lakh BCs across the country.
Now if UPI-based QR code is implemented, then customers will be able to withdraw cash by scanning the code using any UPI app on their phone. Under this, QR codes will be given to lakhs of small service points or shopkeepers. For this, NPCI has sought permission from the Reserve Bank to provide the facility of cash withdrawal through UPI to business correspondents as well.
Changes in UPI rules
At the same time, the National Payments Corporation of India ( NPCI ) has made a big change in the rules of UPI. Now the transaction limit has been increased in insurance, investment, travel, credit card bills and many such sectors. Its purpose is to make large digital payments easier and more accessible.