Bank of Baroda revolutionizes ATM experience with UPI-enabled cash withdrawals

6 Jun 2023 , 09:22 AM

On Monday, Bank of Baroda announced the availability of its Interoperable Cardless Cash Withdrawal (ICCW) service, which allows customers to use UPI to make cash withdrawals from the bank's ATMs.

According to the lender, which described itself as the first public sector bank to offer the service, customers of Bank of Baroda and other participating issuer banks who use BHIM UPI, bob World UPI, or any other UPI application enabled for ICCW on their mobile phone can withdraw cash from a Bank of Baroda ATM without using their debit card.

Once the customer selects the 'UPI Cash Withdrawal' option at a Bank of Baroda ATM and enters the withdrawal amount, a QR code is displayed on the ATM screen. The customer will use a UPI app enabled for ICCW to scan the QR code and authorize the transaction by entering their UPI PIN on their mobile device to withdraw cash from the ATM.

If multiple bank accounts are linked to a single UPI ID, customers can choose which account should be debited using the ICCW capability.

Bank of Baroda Chief Digital Officer Akhil Handa, who spoke to ET, stated that the new ICCW option provided by the bank offers customers an easy, practical, and secure way to withdraw money without the need for a physical card.

Customers are allowed to withdraw up to Rs 5,000 per transaction, with a daily limit of two transactions per account.

Bank of Baroda operates around 11,000 ATMs nationwide.

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