Cash Withdrawal

Jio Payments Bank, a wholly-owned subsidiary of Jio Financial Services, has introduced UPI-based cash withdrawal through its business correspondent touchpoints, marking an important step towards strengthening digital payments ecosystem and advancing financial inclusion. The feature enables customers, particularly in rural and semi-urban areas, to conveniently withdraw cash by simply scanning a UPI QR code and authorising the transaction through their UPI application, eliminating the need for debit cards or access to traditional ATM infrastructure, Jio Financial Services Ltd (JFSL) said in a statement on Tuesday. By enabling cardless cash withdrawals at business correspondent (BC) touchpoints, the initiative bridges the gap between digital payments and physical cash access, while providing first-time digital users with an assisted and secure way to experience UPI transactions, it added. Through this initiative, Jio Payments Bank Ltd (JPBL) continues to leverage the digital payments .

Eight months after RBI raised ATM interchange charges, banks are still split on what next as Rs 2,000 notes vanish, costs climb, and withdrawal volumes soften

The revision in fees follows requests from white-label ATM operators, who sought higher withdrawal charges due to increasing operational costs affecting their business

The micro-ATM channel has held its own despite growth in digital payments and pricing not being raised

The government's intention is to curb black money, promote digital transactions, and ensure tax compliance

Banks continue to use discretion on filling up forms

The cash in circulation in the Indian economy has more than doubled since demonetisation

CPI MP Binoy Viswam on Friday hit out at the government over the RBI's announcement to withdraw Rs 2,000 currency notes from circulation, saying a white paper on the country's economy should be brought out to show the effects of demonetisation. The Rs 2,000 denomination bank note was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all Rs 500 and Rs 1,000 bank notes in circulation at that time. "Tuglakhs control the financial sector of the country. They have withdrawn the Rs 2,000 notes. They may argue that this shows the strength of the economy under Modi. Are they dare enough to bring out a white paper on Indian economy after the demonetisation?" Viswam said in a tweet. The Reserve Bank of India (RBI) on Friday announced withdrawal of Rs 2,000 currency notes from circulation, and existing notes in circulation can either be deposited in bank accounts or exchanged by Septemb

Withdrawing without debit or credit cards reduces chances of transaction failure due to wrong PINs, or lost or stolen cards; note, however, that very few banks offer UPI-based withdrawals currently

The India Post Payments Bank has increased charges for the Aadhaar Enabled Payment System service. The revised AePS Issuer transaction charges will be effective from December 1, 2022

Also, there is no GST on crematorium, funeral, burial, or mortuary services, the minister said and explained the Goods and Service Tax has been levied on the construction of new crematoriums.

NPCI advised to facilitate Unified Payments Interface (UPI) integration with all banks and ATM networks.

NPCI has been advised to facilitate Unified Payments Interface integration with all banks and ATM networks, says RBI

This is expected to enhance ease of transactions and eliminate frauds at the same time

SBI will charge Rs 15 plus GST per cash withdrawal beyond 4 free cash withdrawals.

State Bank of India has increased the cash withdrawal limits through cheques and withdrawal forms for its customers at non-home branches

The department has facilitated a new functionality for banks and post offices through which they can ascertain the TDS applicability rates

On September 23, the RBI had imposed regulatory restrictions on the PMC Bank for six months over alleged financial irregularities

This is the fifth increase in withdrawal limit since the bank was placed under its direct control with an administrator on September 23

Decline in cash withdrawals is intriguing even as limits on withdrawals were removed from March 13