Forget the tension of debit card, cash will be deposited through UPI.
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rbi: Soon common people will be free from the trouble of roaming around with debit cards in their pockets. Almost all your work will be done through Unified Payment Interface (UPI). Yes, now you will be able to deposit money in your account with the help of UPI. There will be no need to visit your account to deposit your cash. All you need is a cash deposit machine (c.d.m.) This facility will be available. Till now you could use it through ATM card. This has been announced today by Reserve Bank Governor Shaktikanta Das. Apart from this, it has also been proposed to provide facility to PPI (Prepaid Payment Instruments) card holders to make UPI payments through third party UPI apps like bank account holders.
What did Shaktikanta Das say?
RBI Governor Shaktikanta Das, considering the experience gained from card-less cash withdrawal using UPI at ATMs, now also proposes to provide the facility of depositing money in Cash Deposit Machines (CDMs) using UPI. At present, debit cards are mainly used to deposit money in cash deposit machines. He said that this step will make things easier for customers and make the currency management process in banks more efficient. According to RBI, while the use of cash deposit machines in banks has increased the convenience of customers, on the one hand the pressure for depositing cash in bank branches has reduced. Now, in view of the popularity and acceptability of UPI, it has been proposed to provide the facility of depositing cash without card. Currently, UPI payments through PPI can be made only using the website or mobile app provided by the PPI card issuer.
Also Read: Investing will now be easier, Reserve Bank will launch mobile app for Retail Direct Scheme
Guidelines will come soon
Shaktikanta Das said in the statement that this will help PPI card holders to make UPI payments like bank account holders. This will make things easier for customers and will promote digital mediums for small amount transactions. RBI will soon issue guidelines regarding these measures. Apart from this, the bank is also going to launch a mobile app to access the RBI Retail Direct Scheme.
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