Revolutionising ATM Transactions: Utkarsh Small Finance Bank Introduces ICCW, Providing Cardless Cash Withdrawals for Enhanced Comfort

Mumbai (Maharashtra) [India], September 21: Utkarsh Small Finance Bank Restricted (“USFBL” or the “Bank”) at the moment introduced the launch of an modern service set to revolutionise money withdrawal experiences. Utkarsh Small Finance Bank is devoted to providing process-centric, technology-driven, and customer-oriented companies that result in a dependable, scalable, and sustainable establishment, driving socio-economic change.

The Bank is happy to announce the launch of the Interoperable Cardless Cash Withdrawal (ICCW) service that utilises UPI (Unified Funds Interface) on its ATM networks. That is In line with the Reserve Bank of India’s directive in Might 2022, urging all banks to supply Interoperable Cardless Cash Withdrawal (ICCW) choices at their ATMs, and Utkarsh Small Finance Bank has taken the lead in fulfilling this mandate.

The ICCW service empowers financial institution clients who’re energetic on UPI to conveniently withdraw money from Utkarsh Small Finance Bank ATMs designated for UPI-ATM – ICCW transactions, all with out the want for a bodily debit card.

Key Options of ICCW

The ICCW facility brings forth quite a few benefits, together with:

  1. Elimination of skimming, cloning, and different card-related frauds
  2. Technology of a single-use (signed) dynamic QR code for every transaction, enhancing safety
  3. Freedom from carrying a number of bodily playing cards for money withdrawals, as ICCW permits withdrawals from a number of accounts linked to UPI
  4. Accessibility for patrons who’ve accomplished KYC (Know Your Buyer) however haven’t but acquired a bodily card

Notably, this ground-breaking service extends its comfort not solely to Utkarsh Small Finance Bank clients but additionally to clients of different Banks who make use of BHIM Utkarsh, BHIM UPI, or some other ICCW-enabled UPI utility on their cellular gadgets. It’s an thrilling growth that underscores our dedication to enhancing buyer experiences.

Mr. Govind Singh, Managing Director of Utkarsh Small Finance Bank, commented, “This represents a major enchancment, shifting from utilizing a UPI app on a cell phone to accessing an ATM with out the want for any bodily playing cards. It epitomises next-generation banking options, delivering the utmost comfort to our valued customers.

He additional added, “Utkarsh Small Finance Bank continues to steer the means in banking innovation, making on a regular basis monetary transactions extra accessible, safe, and handy for our valued clients. We stay up for a future the place ICCW turns into a cornerstone of recent banking, ushering in a brand new period of monetary comfort.”

How ICCW Works

  1. Go to a Utkarsh Small Finance Bank ATM.
  2. Choose the ‘UPI Cash Withdrawal’ choice.
  3. Enter the desired withdrawal quantity, triggering the show of a QR code on the ATM display screen.
  4. Make the most of a UPI app enabled for ICCW to scan the QR code.
  5. Authorize the transaction with your UPI PIN on your cellular gadget.
  6. On the ATM display screen, faucet ‘Press right here for money.’
  7. Witness the money being disbursed seamlessly.

For patrons with a number of financial institution accounts linked to a single UPI ID, ICCW performance affords the flexibility to pick the desired account for debiting.

Transaction Limits

Initially, clients can get pleasure from as much as two ICCW transactions per day per account, with a withdrawal restrict of Rs. 10,000/- per transaction. It’s value noting that these limits are topic to potential future changes for enhanced flexibility.

ICCW Advantages

  • No Must Carry Bodily Playing cards.
  • Streamlined Interplay with ATM Machines.
  • Unparalleled Comfort – Withdraw Cash from A number of UPI-Linked Accounts.

About Utkarsh Small Finance Bank Restricted –

Utkarsh Small Finance Bank Restricted (USFBL), included on April 30, 2016, is engaged in offering banking and monetary companies with a spotlight on offering microfinance to underserved and unserved segments. The Bank’s micro-banking operations are targeted in rural and semi-urban areas of the nation, whereas its basic banking operations are unfold throughout the nation. The Bank commenced its operations on January 23, 2017, pursuant to the small finance banking license granted by the Reserve Bank of India on November 25, 2016.

The Bank extends microfinance loans primarily based on the Joint Legal responsibility Group (JLG) mannequin to people, different retail asset loans, together with Micro, Small and Medium Enterprise (MSME) Loans, Housing Loans (HL), Private Loans, Industrial Car Loans, Building Gear Loans and Wholesale Lending to debtors. 

The Bank affords a slew of digital companies corresponding to web and cellular banking, Digi On-Boarding, UPI and a web based account opening facility for shoppers, moreover a spread of ATMs and Micro ATMs for ease of transactions, amongst others.  The Bank is headquartered in Varanasi, Uttar Pradesh.

When you’ve got any objection to this press launch content material, kindly contact pr.error.rectification[at] to inform us. We are going to reply and rectify the state of affairs in the subsequent 24 hours.