Cash deposit facility via UPI to begin soon
Soon you will be able to deposit cash through Unified Payments Interface i.e. UPI. RBI Governor Shaktikanta Das gave this information while explaining the decisions taken in the Monetary Policy Committee (MPC) meeting today.
He said that considering the popularity and acceptance of UPI, there is now a proposal to provide cash deposit facility through it. This facility will be made available in CDM (Cash Deposit Machine).
Currently, debit cards are used to deposit cash through CDM. Now you can withdraw cash by making payment through UPI.
Cash deposit machine increases convenience of customers
Issuing a statement, RBI said that cash deposit machines installed through banks increase the convenience of customers. It also reduces the burden of handling cash on bank branches.
Considering the popularity of UPI and the experience gained from cardless cash withdrawal through it, it is proposed to provide the facility of cash deposit. Information about how it will be work will be given soon.
Also proposed to allow UPI payment from PPI wallets
Apart from this, RBI has also proposed to allow the use of third-party apps for making UPI payments through PPI (Prepaid Payment Instruments) i.e. wallets. At present, the facility of UPI payment through wallet can be done only by using the website or mobile app of the PPI card issuing company. Shaktikanta Das said in the statement that this will help PPI card holders to make UPI payments like bank account holders. This means that the money in the wallet can also be used for any type of payment through UPI.
After getting the facility of making UPI payment through PPI wallet, if you have a prepaid card, smart card or mobile PPI wallet, then you will be able to spend the money kept in it through UPI. For this you will be able to use PhonePe, GooglePay, Amazon Pay and other third party UPI apps.
Cardless cash withdrawal facility was launched on 5 September 2023
Earlier in the country, there was facility to withdraw cash through ATM only through credit and debit cards. The facility to withdraw cash through UPI was launched by the National Payment Corporation of India i.e. NPCI on 5 September 2023. It is also called Interoperable Cardless Cash Withdrawal System.
