New Delhi: If you use UPI to make payment to a merchant or to transfer money or for shopping, then change your habit now. Soon it will be possible to deposit cash in an ATM through a cash deposit machine using UPI.
Reserve Bank of India Deputy Governor T. Rabi Shankar launched the new UPI Interoperable Cash Deposit (ICD) facility at the Global Fintech Fest (GFF).
National Payments Corporation of India (NPCI) said that this facility will be available on ATMs of banks and White Label ATM Operators (WLAO). The specialty of this feature is that customers will not need an ATM card for this. Instead, cash can be deposited through cash recycler machines. NPCI says that as banks gradually start these facilities, users will be able to take advantage of them.
You will be able to deposit money like this
1. Find a cash deposit machine (CDM) that supports UPI transactions and choose the ‘UPI Cash Deposit’ option instead of the debit card option.
2. A QR code will appear on the screen.
3. Open the UPI app on your phone. Scan the QR code displayed on the cash deposit machine.
4. The deposit amount detected by the CDM will be displayed on the UPI app. Verify if the cash you are depositing matches.
5. Select the bank account you want to deposit cash in from the list of your UPI-linked accounts and enter the UPI PIN.
6. You will then receive a cash deposit slip.
Also Read:Â New FD Rules: Depositors may able to open fixed deposit FD for 20 years
Customer will get this benefit
Customers will benefit a lot from the introduction of this facility. They will neither have to go to the bank to deposit money nor will they have to go through a long process in the line of the cash deposit machine. You can go and deposit money anytime. Let us tell you that you can also withdraw money from the ATM through UPI. ATM card is not required for this also. By following a simple process, you can withdraw cash from the ATM without a card with the help of UPI.
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