Upi cash withdrawal: To withdraw cash from the smartphone, it is even easier, for this, the National Payments Corporation of India is going to make big preparations. According to an Economic Times report, people in India will soon be able to withdraw cash through Unified Payment Interface (UPI) at more than 2 million business correspondents (BC) outlets. In order to provide more and more people the benefit of this facility, NPCI has allegedly contacted the Reserve Bank of India (RBI) for approval.
Currently, the face of UPI-based cash withdrawal is available only in a few selected ATMs or some shops. There is also a limit on this. A limit of Rs 1,000 has been kept on every transaction in towns and cities and up to Rs 2,000 in villages. It has been said in the report that under the proposed scheme, you will be able to withdraw cash of up to Rs 10,000 on every transaction at BC outlets.
What is business correspondent outlets?
Business correspondents are local agents, which provide banking services in far-flung areas where there are no ATM facilities. In such underprivileged areas, these people work in a kind of extension of bank branches. Business correspondent can be a shopkeeper, NGOS or any person. Earlier, people used business correspondents to withdraw cash through Aadhaar-based authentication and debit cards.
Now if the UPI-based QR code is implemented, then the customers will be able to scan the code by using any UPI app on their phone. Under this, millions of small service points or shopkeepers will be given QR codes. For this, NPCI has sought permission from the Reserve Bank that cash withdrawal facility through UPI should also be given to business correspondents.
They will benefit
This new system can also benefit from customers who have difficulty in fingerprint authentication or who are reluctant to use debit cards. Currently, customers withdraw money by putting cards in existing micro ATM machines near BCS. Now work is going on to make the system easier. Under this, you will be able to withdraw money by scanning the QR code by visiting BC outlet. Let us know that NPCI launched UPI in the year 2016.
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