Cash in India is going to be even easier. Now you will not have to go to ATM. With the help of UPI app from the smartphone itself, the QR code is going to get the facility of clearance. This new facility will benefit people especially people living in rural and small cities, where ATM and bank branches are less. Let's understand about this new system.
New method of cash withdrawal from QR code
UPI is used on a large scale to make online payment, but now you will be able to scan the QR code from any UPI app, which will also help in offline payment. These QR code will be installed at the outlet of business correspondents, which are present in millions of places across the country. Business correspondents are actually like small branches of the bank which also offer banking services in remote areas. When you scan the QR code, your money will be deducted directly from your bank account and the business correspondent will be deposited, then you can withdraw cash from there.
What is new from the old system?
Earlier, there was a cardless withdrawal facility from UPI, but it was limited to only a few selected ATMs and some special traders. Also, the withdrawal limit was Rs 1000 in urban areas and Rs 2000 in rural areas. But now this facility will reach the business correspondent outlet, which will be able to reach more people easily.
Apart from this, there will now be withdrawal without biometric (fingerprint) or ATM card. This will help those who have difficulty in using ATM card or fingerprint.
Waiting for RBI's approval
Currently, approval is being awaited from the Reserve Bank of India for this new facility. NPCI (National Payment Corporation of India) wants to implement this system so that more and more people can easily withdraw cash in a digital way. After the implementation of this facility, people living in rural and small-urban areas will be able to take advantage of digital payment easily. Especially those people who are difficult to go to the bank or find ATM, this facility will prove to be very helpful.
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