Your Unified Payments Interface (UPI) has just been upgraded. In an important announcement today, the Reserve Bank of India (RBI) has indicated that users can now deposit cash via UPI facility at bank ATMs. This will come as a big shot in the arm for users in terms of saving time and effort.
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This was revealed by the RBI Governor Shaktikanta Das today while announcing the RBI monetary Policy Committee (MPC) decision to hold the status quo on rates. ON this new UPI facility, Governor Das said, “RBI has proposed to allow cash deposits through UPI.”
This move comes, he explained, from the learnings derived from the use of cardless cash withdrawal system at ATMs via UPI. He added that most users use debit cards to deposit cash at the cash deposit machines (CDM).
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While CDMs help bank officials by reducing manual workload of handling cash, for users, this means avoiding long bank queues and easy access to an automated facility of choice.
RBI will issue operational instructions for his facility soon.
