Now you can deposit cash at Cash Deposit machines using your UPI! The Reserve Bank of India (RBI) governor Shaktikanta Das on Friday announced that people will now be able to deposit cash at Cash Deposit Machines using UPI.
“…the next announcement relates to enabling UPI for cash deposit facility. Deposit of cash through Cash Deposit Machines (CDMs) is primarily being done through the use of debit cards,” he said.”Given the experience gained from card-less cash withdrawal using UPI at the ATMs, it is now proposed to also facilitate deposit of cash in CDMs using UPI,” Shaktikanta Das announced. “This measure will further enhance customer convenience and make the currency handling process at banks more efficient,” he added.
Shaktikanta Das made this announcement as a part of the RBI Monetary Policy Committee (MPC)’s policy statement today. The RBI governor-led MPC kept the key repo rate unchanged at 6.5% in the policy meet.
Shaktikanta also made an important announcement with regard to UPI Access for Prepaid Payment Instruments (PPIs) through Third Party Apps. “At present, UPI payments from Prepaid Payment Instruments (PPIs) can be made only by using the web or mobile app provided by the PPI issuer. It is now proposed to permit the use of third-party UPI apps for making UPI payments from PPI wallets. This will further enhance customer convenience and boost adoption of digital payments for small value transactions,” he said.
“…the next announcement relates to enabling UPI for cash deposit facility. Deposit of cash through Cash Deposit Machines (CDMs) is primarily being done through the use of debit cards,” he said.”Given the experience gained from card-less cash withdrawal using UPI at the ATMs, it is now proposed to also facilitate deposit of cash in CDMs using UPI,” Shaktikanta Das announced. “This measure will further enhance customer convenience and make the currency handling process at banks more efficient,” he added.
Shaktikanta Das made this announcement as a part of the RBI Monetary Policy Committee (MPC)’s policy statement today. The RBI governor-led MPC kept the key repo rate unchanged at 6.5% in the policy meet.
Shaktikanta also made an important announcement with regard to UPI Access for Prepaid Payment Instruments (PPIs) through Third Party Apps. “At present, UPI payments from Prepaid Payment Instruments (PPIs) can be made only by using the web or mobile app provided by the PPI issuer. It is now proposed to permit the use of third-party UPI apps for making UPI payments from PPI wallets. This will further enhance customer convenience and boost adoption of digital payments for small value transactions,” he said.
