With reference to the cardless cash withdrawal facility consider the following statements 1 The Rese...........

Current GK ( Master) Financial System

With reference to the cardless cash withdrawal facility, consider the following statements:

1. The Reserve Bank of India (RBI) has proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the Unified Payments Interface (UPI).

2. The cardless withdrawal request can be initiated for a minimum of 2100 per transaction and up to a maximum of 110,000 per day or 225,000 per month for a beneficiary.

Which of the statements given above is/are correct?

Only 1

Only 2

Both 1 and 2

None of these

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Explanation:

While announcing the monetary policy, the Reserve Bank of India (RBI) Governor Shaktikanta Das said RBI has proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the Unified Payments Interface (UPI). RBI Governor said the absence of need for a card to initiate cash withdrawal transactions would help in containing frauds like card skimming, card cloning, etc. However, Governor Shaktikanta Das clarified credit & debit cards will be continued. Under the cardless cash withdrawal facility, individuals can withdraw cash without using any debit card at Automated teller machines (ATMs). The cardless withdrawal request can be initiated for a minimum of X100 per transaction and up to a maximum of X10,000 per day or 25,000 per month for a beneficiary while the limits are subject to change as per regulatory guidelines. Hence both statements are correct.