OmniCard becomes 1st RBI licensed PPI to launch cash withdrawal across all ATMs PAN India

Daily Current Affairs / OmniCard becomes 1st RBI licensed PPI to launch cash withdrawal across all ATMs PAN India

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Category : Business and economics Published on: June 15 2022

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OmniCard has announced that it became the 1st RBI licensed PPI (prepaid payment instrument) to launch cash withdrawal using a RuPay-powered card from any ATMs across the country.
The move came in after RBI permitted the non-bank licensed entities to enable cash withdrawals from the digital wallets.
Sanjeev Pandey, OmniCard Co-Founder and CEO said that they provide an alternative platform for users to keep their bank account safe where savings are stored from cyber frauds using digital wallets linked with Rupay Card and UPI.