ATMs to Accept UPI? RBI Announces Cash Deposits via UPI App

  • Good news for digital payment users! The RBI Governor, Shaktikanta Das, has announced a new UPI-based system for depositing cash at bank branches.
  • Currently, cash deposits are done using debit cards at Cash Deposit Machines (CDMs).
  • This initiative leverages the success of cardless cash withdrawals using UPI at ATMs.
  • Users will likely be able to deposit cash at CDMs using their UPI app, eliminating the need for a debit card.
  • The RBI will release detailed instructions on how the UPI cash deposit system will function.
  • This move is expected to boost convenience and efficiency for both customers and banks.

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