Soon You Will Be Able to Deposit Money in Bank Account Through UPI, Facility Will Be Available in Cash Deposit Machine

Soon you will be able to deposit cash in your bank account through Unified Payments Interface i.e. UPI. RBI Governor Shaktikanta Das gave this information in the Monetary Policy Committee (MPC) meeting on Friday.

He said that considering the popularity and acceptance of UPI, cash deposit facility is now proposed through it. This facility will be made available in CDM (Cash Deposit Machine).

Currently, debit cards are used to deposit cash from CDM. You can also withdraw cash by making payment through UPI.

How to deposit money through UPI in CDM

Right now RBI has given information only about the proposal to deposit money in cash deposit machines through UPI. Information about how this will be done will be given along with the launch.

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 run 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.