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UPI cash withdrawals in Bank of India soon

Public sector lender Bank of India (BoI) has already introduced this facility for its own customers, in partnership with Mumbai-based payments company AGS Transact Technologies.

, ET Bureau|
Last Updated: Dec 04, 2019, 09.03 AM IST|Original: Dec 04, 2019, 08.47 AM IST
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As of now, only the bank’s own customers are able to use this feature, but once interoperability is opened up, other bank customers can avail of the service.
Bengaluru: Consumers will soon be able to use the Unified Payments Interface (UPI) for cash withdrawals, apart from merchant payments and interpersonal transactions.

Public sector lender Bank of India (BoI) has already introduced this facility for its own customers, in partnership with Mumbai-based payments company AGS Transact Technologies.

Further, the National Payments Corporation of India (NPCI), which manages both the UPI and ATM railroads, has already created a committee to review the interoperability guidelines to open the feature for other bank customers as well, said bankers in the know of the matter. “We have worked with Bank of India to enable these services in their ATMs and they are rolling it out across all their ATMs within the next three to six months,” said Ravi Goyal, MD, AGS Transact Technologies.

“We are in discussions with other banks as well.” NPCI did not respond to email queries till the time of going to press. Bank of India confirmed the development, saying that it is in the process of obtaining security and technical clearance from ATM manufacturers and will first deploy it in all cash recyclers followed by ATMs in general.

As of now, only the bank’s own customers are able to use this feature, but once interoperability is opened up, other bank customers can avail of the service.

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