Now you will be able to deposit cash through UPI, Das announced. Loktej Business News
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Mumbai, 05 April (HS). Now you will soon be able to deposit cash in the cash deposit machine through Unified Payment Interface (UPI). Reserve Bank of India (RBI) Governor Shaktikanta Das made this announcement on Friday while announcing the first Monetary Policy Committee review for the financial year 2024-25.
Presenting the review of the first three-day bi-monthly Monetary Policy Committee (MPC) meeting of the current financial year 2023-24, Shaktikanta Das said, “In view of the experience gained from card-less cash withdrawal through UPI at ATMs, cash using UPI It is also proposed to provide the facility of depositing money in Deposit Machine (CDM).
RBI Governor said that RBI will soon issue guidelines regarding these measures. He said this step will make things easier for customers and make the currency management process in banks more efficient. Apart from this, there is also a proposal to provide prepaid payment instruments (PPI) card holders the facility to make UPI payments through third party UPI apps like bank account holders. He said that this will make things easier for customers and will promote digital means for small amount transactions.
If RBI provides the facility of depositing cash through UPI, then you can get freedom from the problem of keeping the card in your pocket. This will also solve the problem of keeping, losing or getting an ATM card made. Along with this, even if your ATM card is stolen, after getting it blocked you will not have to face problems in depositing cash.
Currently, UPI payments from PPI can be made only using the website or mobile app provided by the PPI card issuer. Debit cards are mainly used to deposit money in cash deposit machines.
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