RBI Planning Cash Deposit Via UPI: No ATMs/Debit Card Needed For Cash Deposit


Mohul Ghosh

Mohul Ghosh

Apr 06, 2024


Reserve Bank of India (RBI) Governor Shaktikanta Das unveiled a groundbreaking proposal for a new UPI-based cash deposit facility during the first monetary policy statement for the fiscal year 2024-25.

RBI Planning Cash Deposit Via UPI: No ATMs/Debit Card Needed For Cash Deposit

This initiative aims to revolutionize cash deposits by allowing individuals to use their Unified Payments Interface (UPI) instead of traditional ATM/debit cards at Cash Deposit Machines (CDMs).

UPI Revolutionizes Cash Deposits

Traditionally used for peer-to-peer transactions, bill payments, and merchant transactions, UPI has become synonymous with digital payments in India due to its convenience and speed. With this latest announcement, UPI’s utility expands to include cash deposits at CDMs, marking a significant milestone in India’s digital payment ecosystem. This move aligns with the RBI’s efforts to promote digital transactions and reduce cash-handling loads on bank branches.

Empowering Customers with UPI at CDMs

The proposal to enable UPI for cash deposit facility underscores the RBI’s commitment to enhancing customer convenience and promoting financial inclusion. Cash Deposit Machines, which function as ATMs allowing direct cash deposits into bank accounts, offer a hassle-free alternative to traditional teller services during branch hours. By leveraging UPI, individuals can seamlessly deposit cash without the need for physical debit cards, further streamlining the banking experience.

Image Source


Mohul Ghosh
Mohul Ghosh
  • 1645 Posts

Subscribe Now!

Get latest news and views related to startups, tech and business

You Might Also Like

Business
Dec. 8, 2022

Beat The Burden Of Medical Inflation With A Health Insurance

As disease rates rise and medical technology develops, treatment costs climb. It’s essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on […]

Business
Dec. 8, 2022

3 Biggest Changes Of iOS 16.2 Update That Every iPhone User Should Know!

In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones.  iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the […]

Business
Dec. 8, 2022

300 Microsoft Employees Create Employee Union, First Time Ever: This Is How Microsoft Reacted

Around 300 workers at Microsoft Corp.’s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US.  Here, Microsoft Corp.’s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at […]

Business
Dec. 7, 2022

India Beats China In Air Travel Safety: Ranking Jumps From 102 To 48 In Global Aviation Safety

India’s air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded India’s ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like […]

Recent Posts

Related Videos

   

Subscribe Now!

Get latest news and views related to startups, tech and business

who's online