If you use mobile phone wallets like Phone-Pay, Google-Pay, Amazon-Pay or Paytm, then there is good news for you. Now it will also provide the facility to withdraw cash from ATMs. The Reserve Bank of India has recently allowed this. Under this, you no longer need to go to the ATM with a debit or credit card to withdraw cash from the ATM.
Banking facilities including SBI
At present, this facility has been made available by other banks including State Bank of India from its mobile app, but now you will get this facility from these phone wallets as well. Not only this, now people with phone pay can send or demand money to Google Pay or Amazon Pay. Till now only one type of users can use it. However, for this, the KYC or Know Your Customer formality will have to be completed.
You can withdraw only 2000 rupees at a time
After the expansion of this facility, you will be able to withdraw only Rs 2000 from an ATM through your phone wallet. At the same time, you can withdraw up to a maximum of Rs 10,000 in a month. For mass transit systems such as PPI, Metro cards, FastTags, etc. are excluded from interpatability. But with the introduction of the new facility, they will be able to deposit money in the POS or POS system. This facility is still available only to debit or credit card holders.
The facility will be applicable from April 2022
Although the new facility will come into effect from April 2022, but till then you should be mentally prepared for it. Till now people of such facility were waiting. While most shops and other business establishments, including petrol pumps, had direct payment for phone-pay, Google-pay or Paytm, there was no facility to withdraw cash and send money to other phone wallets.