Financial institution of Baroda Financial institution India’s public sector financial institution, has said that the UPI ATM perform is now obtainable at over 6,000 Financial institution of Baroda (BoB) ATMs throughout the nation. Prospects will have the ability to withdraw money with out utilizing a debit or bank card.

“It’s the first Public Sector Financial institution to launch UPI ATMs, in coordination with the Nationwide Funds Company of India (NPCI) and powered by NCR Company,” based on the assertion printed by Financial institution of Baroda on September 8, 2023. shoppers of Financial institution of Baroda, in addition to shoppers of all taking part issuing banks, can withdraw money from Financial institution of Baroda UPI ATMs with out utilizing their debit card.”

The financial institution’s UPI ATM was on show on the International Fintech Fest 2023, which came about from September 5 to 7 in Mumbai.

The UPI ATM presents clean QR-based money withdrawals, eliminating the necessity to carry a Card to withdraw money, based on a BoB announcement. It makes use of the Interoperable Cardless Money Withdrawal (ICCW) expertise, which helps cardless money withdrawals by means of ATMs.

Options of UPI-ATM (ICCW) Service

• Card-less Transaction Interoperability
• The transaction restrict per transaction is Rs 10,000. It is going to be included within the present UPI per day restriction in addition to the Issuer Financial institution’s limits for UPI-ATM transactions.
• There is no such thing as a want to hold a card whereas withdrawing money from an ATM.
• The UPI APP means that you can withdraw cash from completely different accounts.

Who Is Eligible To Use The Financial institution Of Baroda UPI ATM?

Prospects of Financial institution of Baroda, in addition to shoppers of all taking part issuing banks, can withdraw money from Financial institution of Baroda UPI ATMs utilizing any UPI-enabled Cell app with no need their debit or bank card.

Process For Withdrawing Money From A Financial institution Of Baroda UPI ATM

To withdraw money from a Financial institution of Baroda UPI ATM, full these steps:

• Step 1: Choose the “UPI Cardless Money” choice on the ATM display.
• Step 2: Select the money withdrawal quantity.
• Step 3: Scan the QR Code displayed on the ATM display utilizing a UPI app.
• Step 4: Choose the checking account to be debited, if a number of financial institution accounts are linked to a single UPI ID
• Step 5: Verify the transaction utilizing the UPI PIN and gather the money

The Benefits Of UPI ATM

Prospects can withdraw money from quite a few accounts linked to UPI, which is among the key benefits of the UPI ATM perform. In accordance with the financial institution, UPI ATM transactions are additionally sooner, extra handy, and safer. It’s because they produce a single-use dynamic QR code for every transaction and provide a protected banking expertise.

How Does UPI-ATM (Interoperable Card-less Money Withdrawal) Work?

• As soon as the client selects the choice ‘UPI money withdrawal’ on the ATM, the client shall be prompted to enter the withdrawal quantity.
• After getting into the quantity, the ATM display will present a single-use dynamic QR code (signed). 
• To acquire money from an ATM, prospects should scan the QR code with any UPI APP 
• Within the subsequent step it’s important to authorize the transaction utilizing their UPI PIN on their cell machine (UPI Utility).