Utkarsh Small Finance Bank Leads the Way with Interoperable Cardless Cash Withdrawal (ICCW) Using UPI on ATMs

Mumbai: Utkarsh Small Finance Bank Limited (“USFBL” or the “Bank”), today announced the launch of an innovative service, set to revolutionise cash withdrawal experiences. Utkarsh Small Finance Bank is dedicated to offering process-centric, technology-driven, and customer-oriented services that lead to a reliable, scalable, and sustainable institution, driving socio-economic change.

The Bank is pleased to announce the launch of Interoperable Cardless Cash Withdrawal (ICCW) service, that utilises UPI (Unified Payments Interface) on its ATM networks. This is In line with the Reserve Bank of India's directive in May 2022, urging all banks to provide Interoperable Cardless Cash Withdrawal (ICCW) options at their ATMs, and Utkarsh Small Finance Bank has taken the lead in fulfilling this mandate.

The ICCW service empowers bank customers who are active on UPI to conveniently withdraw cash from Utkarsh Small Finance Bank ATMs designated for UPI-ATM - ICCW transactions, all without the need for a physical debit card.

Key Features of ICCW

The ICCW facility brings forth numerous advantages, including:

1. Elimination of skimming, cloning, and other card-related frauds
2. Generation of a single-use (signed) dynamic QR code for each transaction, enhancing security
3. Freedom from carrying multiple physical cards for cash withdrawals, as ICCW permits withdrawals from multiple accounts linked to UPI
4. Accessibility for customers who have completed KYC (Know Your Customer) but have not yet received a physical card

Notably, this ground-breaking service extends its convenience not only to Utkarsh Small Finance Bank customers but also to customers of other Banks who employ BHIM Utkarsh, BHIM UPI, or any other ICCW-enabled UPI application on their mobile devices. It's an exciting development that underscores our commitment to enhancing customer experiences.

Mr. Govind Singh, Managing Director of Utkarsh Small Finance Bank, commented, "This represents a significant improvement, shifting from using an UPI app on a mobile phone to accessing an ATM, without the need for any physical cards. It epitomises next-generation banking solutions, delivering utmost convenience to our valued consumers.

He further added,“Utkarsh Small Finance Bank continues to lead the way in banking innovation, making every day financial transactions more accessible, secure, and convenient for our valued customers. We look forward to a future where ICCW becomes a cornerstone of modern banking, ushering in a new era of financial convenience.”

How ICCW Works

1. Visit a Utkarsh Small Finance Bank ATM.
2. Select the 'UPI Cash Withdrawal' option.
3. Enter the desired withdrawal amount, triggering the display of a QR code on the ATM screen.
4. Utilize a UPI app enabled for ICCW to scan the QR code.
5. Authorize the transaction with your UPI PIN on your mobile device.
6. On the ATM screen, tap 'Press here for cash.'
7. Witness the cash being dispensed seamlessly.

For customers with multiple bank accounts linked to a single UPI ID, ICCW functionality offers the flexibility to select the desired account for debiting.

Transaction Limits

Initially, customers can enjoy up to two ICCW transactions per day per account, with a withdrawal limit of Rs. 10,000/- per transaction. It's worth noting that these limits are subject to potential future adjustments for enhanced flexibility.

ICCW Benefits

5. No Need to Carry Physical Cards.
6. Streamlined Interaction with ATM Machines.
7. Unparalleled Convenience - Withdraw Cash from Multiple UPI-Linked Accounts.

About Utkarsh Small Finance Bank Limited –

Utkarsh Small Finance Bank Limited (USFBL), incorporated on April 30, 2016, is engaged in providing banking and financial services with a focus on providing microfinance to the underserved and unserved segments. The Bank’s micro-banking operations are focused in rural and semi-urban locations of the country while its general banking operations are spread across the country. The Bank commenced its operations on January 23, 2017 pursuant to the small finance banking license granted by Reserve Bank of India on November 25, 2016.

The Bank extends microfinance loans based on Joint Liability Group (JLG) model to individuals, other retail asset loans including Micro, Small and Medium Enterprise (MSME) Loans, Housing Loans (HL), Personal Loans, Commercial Vehicle Loans, Construction Equipment Loans and Wholesale Lending to borrowers.

The Bank offers a slew of digital services such as internet and mobile banking, Digi On-Boarding, UPI and an online account opening facility for clients, besides a range of ATMs and Micro ATMs for ease of transactions, amongst others.  The Bank is headquartered at Varanasi, Uttar Pradesh