The Reserve Bank of India (RBI) plans to introduce the ICCW facility using UPI across all bank ATMs in India. What is the meaning of the second C in ICCW?

Question

Question

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RRB Officer Scale-I Mains 1 October 2022 Memory Based Paper

Answer 1

The correct answer is Cash.

Key Points

The Reserve Bank of India (RBI) plans to introduce an interoperable card-less cash withdrawal (ICCW) facility using UPI across all bank ATMs in India.
The withdrawal limits for ICCW transactions will be in-line with the limits for regular on-us/off-us ATM withdrawals.

Additional Information

At present, a few banks offer cardless cash withdrawal facilities to their own customers at their own ATMs.
With the RBI’s latest directive, a user can now make card-less cash withdrawals at an ATM simply using his/her phone UPI.
This service will soon get activated on the UPI app, too.
As with payments to merchants, where one simply scans the QR code on the UPI app, enters the amount, and then enters the UPI PIN, one can follow a similar procedure to use ATM withdrawals through UPI following which the ATM will dispense cash.
RBI Governor Shaktikanta Das had announced this after the Monetary Policy Committee meeting on May 19, 2022.