ICICI Bank on Tuesday launched cardless cash withdrawal facility from its ATMs with a per-day transaction limit of Rs 20,000.
The service will enable customers to withdraw cash from over 15,000 ATMs of the bank by simply raising a request on iMobile, its mobile banking application.
"It is a simple and convenient way to withdraw cash without using a debit card," the bank said in a statement.
RBI asks banks not to count failed transactions and balance enquiry as 'free ATM transactions'
The service can be used for self-withdrawal when customers do not wish to carry the debit card.
The daily transaction limit as well as per transaction limit is set at Rs 20,000, it added.
Speaking on the launch, Executive Director of ICICI Bank Anup Bagchi said the bank will continue to focus on innovations in technology at all channels and touch-points that will bring more convenience to the customers.
The bank's consolidated total assets stood at Rs 12,88,190 crore on September 30, 2019. It is present across 15 countries.
Earlier in August 2019, The Reserve Bank of India asked banks not to count failed transactions at ATMs due to technical reasons as part of "free ATM transactions" permitted every month.
Besides, the use of ATMs for balance enquiry and fund transfers too should not be part of the free transactions facility given to a customer.
Banks provide a certain number of free transactions at ATMs to their customers, beyond which they impose charges.
The RBI's clarification in this regard comes after it has come to notice of the central bank that transactions that have failed due to technical reasons, non-availability of currency in ATMs are also included in the number of free ATM transactions.
"It is hereby clarified that transactions which fail on account of technical reasons like hardware and software issues, non-availability of cash, and any other reason attributable to the bank should not be counted as valid ATM transactions for the customer.
"Consequently, no charges, therefore, shall be levied," the Reserve Bank said.
Further, non-cash withdrawal transactions (such as balance enquiry, cheque book request, payment of taxes, funds transfer), which constitute 'on-us' transactions (when a card is used at an ATM of the bank which has issued the card) shall also not be part of the number of free ATM transactions.
(Edited by Suman Singh)
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