The RBI has proposed making cardless cash withdrawals available across all banks and ATM networks using the Unified Payment Interface (UPI).
“In addition to facilitating transactions, the absence of a physical card for such transactions would help prevent fraud such as card skimming and card cloning,” RBI Governor Shakktanta Das announced as an additional measure.
Currently, the possibility of cardless cash withdrawals from ATMs is only limited to a few banks.
To further facilitate greater penetration of bill payments through the Bharat Bill Payment System (BBPS) and to encourage the participation of a greater number of non-bank Bharat Bill Payment Operating Units in the BBPS, it has proposed reducing the net worth requirements of such Companies from ₹100 crore to ₹25 crore.
To ensure India’s payment systems remain resilient to conventional and emerging risks, particularly those related to cybersecurity, the RBI has proposed issuing guidelines on cyber resilience and payment security controls for payment system operators.
Separately, for the benefit of those who draw down individual home loans, RBI has decided to continue applying risk weights to all new individual home loans sanctioned through March 31, 2023.
Risk weights for individual home loans were rationalized in October 2020 by only linking them to the Loan to Value (LTV) ratio for all new home loans sanctioned through March 31, 2022.
