The Reserve Bank of India (RBI) Governor proposed cardless transactions for all ATMs using the UPI network.
Currently, the facility of card-less withdrawal through ATMs is limited only to a few banks but the RBI proposes to extend the facility to all banks and ATM networks using UPI.
Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity.
UPI is built over the IMPS infrastructure and allows you to instantly transfer money between any two parties' bank accounts.
