Deposit cash in ATMs using UPI, new feature launched by RBI, steps to use

The new UPI Interoperable Cash Deposit (UPI-ICD) launched at the Global Fintech Fest 2024 allows customers to deposit cash at ATMs using UPI apps

Published on: Aug 30, 2024, 15:14:46 IST

By HT News Desk

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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)

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.

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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.

Consumers will be able to access these features as the banks gradually roll them out.

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“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:

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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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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