It will soon be possible to deposit cash using cash deposit machines (CDMs) at ATMs using Unified Payments Interface (UPI) apps, eliminating the need to carry debit cards for the same.
Consumers will be able to access the new features as the banks gradually roll them out. (Representational Image/Pixabay)
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The Reserve Bank of India's Deputy Governor T Rabi Sankar unveiled the new UPI interoperable cash deposit (UPI-ICD) feature at the Global Fintech Fest (GFF) 2024 on Thursday, August 29, 2024.
How does the new feature of using UPI apps to deposit cash work?
“The introduction of UPI ICD allows customers to deposit cash at ATMs operated by banks and white label ATM operators (WLAOs) using UPI to their own bank account or any other bank account without the need for a physical card,” the NPCI's press release read.
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Consumers will be able to access these features as the banks gradually roll them out.
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Consumers will be able to access these features as the banks gradually roll them out.
“These ATMs are cash recycler machines which are used for both cash deposits and withdrawals. Leveraging their mobile numbers linked to UPI, virtual payment addresses (VPA) and account IFSCs, customers can now do cash deposits, making the process more seamless, inclusive and accessible,” the statement added.
What are the steps to use the UPI feature for depositing cash?
The steps to use UPI for depositing cash, according to an ICICI Direct blog is as follows:
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Step 1: Find a Cash Deposit Machine (CDM) which supports UPI transactions and choose the option for "UPI Cash Deposit" instead of the debit card option.
Step 2: Scan the QR code displayed on the CDM with the UPI App.
Step 3: You have to enter the number of bills for each denomination (like ₹100, ₹500) and the CDM may provide a confirmation slip.
Step 4: The UPI app will show the deposit amount. Verify that it matches the cash amount you're depositing.
Step 5: Select the bank account you want to deposit the cash into from the list of your UPI-linked accounts and authorise the transaction with the UPI PIN.
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Home/Business/Deposit cash in ATMs using UPI, new feature launched by RBI, steps to use
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