Page 42 - BANKING FINANCE APRIL 2024

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daily limit set by UPI and as per the transaction limits
specified by the issuing bank for UPI-ATM transactions.

Convenience: Offers a more convenient way to withdraw
cash from ATMs as customers don't need to carry their
physical cards, relying solely on their UPI-enabled mobile
app.

Multiple Account Withdrawals: Customers can withdraw
cash from multiple accounts linked to their UPI app,
providing flexibility and convenience in managing various
accounts for cash withdrawals through the UPI platform.

Lets see how it works in our bank
Union Bank of India, in collaboration with NPCI, has feature are permitted to perform transactions up to a
introduced the ICCW (Interoperable Cardless Cash total of Rs. 20,000 per day. This daily cap specifically
Withdrawal) feature, which is currently active in over 1000 applies to ICCW transactions.
ATMs. The bank plans to gradually extend this functionality Inclusion in Overall UPI Limit: The total value of ICCW
to all their ATMs. transactions contributes to the overall UPI transaction
limit, which is set at .1 lakh per day. This means that
ICCW empowers customers to withdraw cash from ATMs by the cumulative value of all UPI transactions, including
scanning the QR code displayed on the ATM screen, ICCW, cannot exceed .1 lakh within a day.
eliminating the necessity for a physical debit card.
The features mentioned are specifically enabled in our NCR
Union Bank of India has enabled ICCW as an machines and is categorized as ATM withdrawal
Acquirer, Issuer, and App-enabled feature. This transactions. In case of a failed transaction, customers
signifies: should raise their claim under the ATM withdrawal category
i. Customers holding accounts with Union Bank of India for resolution.
can withdraw cash from any ATM that is ICCW-enabled,
This feature allows customers to withdraw funds from
regardless of the bank hosting the ATM.
various types of accounts such as savings, current, or
ii. Vyom UPI scan functionality can be utilized to withdraw overdraft accounts that are linked with UPI. It offers
cash using the ICCW feature.
flexibility by enabling withdrawals from different account
iii. Customers from other banks, provided they are enabled types, ensuring a seamless and accessible banking
for ICCW, can withdraw cash from Union Bank of India experience for our customers.
ATMs, broadening the accessibility of this feature to a
wider customer base beyond Union Bank's account Ensuring the security of financial systems like UPI is an
holders. ongoing challenge that demands continuous attention. It's
crucial to outpace cyber-criminals in this ever-evolving
The transaction limits for ICCW transactions are
landscape. Efforts have been substantial, but maintaining
structured as follows: and advancing security measures remains a priority.
Per Transaction Limit: The maximum amount that can
be withdrawn in a single ICCW transaction is in line with NPCI's recent registration as National Critical Infrastructure
the existing NFS ATM transaction limit, which is set at signifies the recognition of its significance in the country's
Rs. 10,000. financial infrastructure. There's a heightened emphasis on

Daily Limit for ICCW: Customers utilizing the ICCW cyber risk mitigation strategies, including vigilant monitoring

38 | 2024 | APRIL | BANKING FINANCE