Good News! RBI To Enable Users To Deposit Cash At ATMs Using UPI; All You Need To Know

During the RBI¡¯s Monetary Policy meeting, Reserve Bank Of India Governor Shaktikanta Das announced that users can now deposit cash via UPI facility at bank ATMs.

He said, ¡°RBI has proposed to allow cash deposits through UPI.¡±

He clarified that this decision stems from insights gained from the implementation of cardless cash withdrawal systems at ATMs through UPI. He further noted that the majority of users typically utilize debit cards to deposit cash via UPI at cash deposit machines (CDMs).

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While cash deposit machines (CDMs) alleviate the burden on bank staff by minimizing manual cash handling, they also offer users the advantage of bypassing lengthy bank queues and enjoying convenient access to automated services of their preference.

The operational instructions for this UPI facility is expected to release soon.

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"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," Das further said.

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How the new UPI-based cash withdrawal system works?

There¡¯s a high possibility that It will complement the current withdrawal system which is as follows:

1. Select ¡®UPI Cardless Cash¡¯ option on the ATM screen

2. Carefully punch in the amount that you need to withdraw

3. Scan the QR code on your smartphone via a UPI app.

4. Confirm your UPI PIN to validate the withdrawal

5. Voila! You can finally collect your cash.

Essentially, the new cash deposit system via UPI at ATMs will operate similarly in terms of the process. This method is said to be secure and straightforward, with customers already accustomed to it. The most notable aspect of this facility is that it eliminates the need for a debit card altogether.

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