Utkarsh Small Finance Bank Limited (USFBL) has introduced an innovative service that is poised to transform the cash withdrawal experience. The bank has unveiled the Interoperable Cardless Cash Withdrawal (ICCW) service, which leverages the Unified Payments Interface (UPI) across its ATM network. This move aligns with the Reserve Bank of India’s directive, urging all banks to incorporate Interoperable Cardless Cash Withdrawal (ICCW) options at their ATMs, and Utkarsh Small Finance Bank has taken the lead in adhering to this mandate.
The ICCW service empowers bank customers who are active on UPI to easily withdraw cash from designated Utkarsh Small Finance Bank ATMs designed for UPI-ATM-ICCW transactions, all without the need for a physical debit card. Remarkably, this groundbreaking service not only benefits Utkarsh Small Finance Bank customers but also extends its convenience to customers of other banks who use BHIM Utkarsh, BHIM UPI, or any other ICCW-enabled UPI application on their mobile devices.
Mr. Govind Singh, Managing Director of Utkarsh Small Finance Bank, stated, “This represents a significant leap forward, transitioning from using a UPI app on a mobile phone to accessing an ATM, all without the requirement of physical cards. It exemplifies the next generation of banking solutions, delivering the highest level of convenience to our valued consumers. Utkarsh Small Finance Bank continues to pioneer banking innovation, ensuring that everyday financial transactions are more accessible, secure, and convenient for our esteemed customers.”For customers with multiple bank accounts linked to a single UPI ID, ICCW functionality provides the flexibility to choose the desired account for debiting.
